Paxos goes after bank charter

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Updated September 21, 2022 | Published December 10, 2020

2 mins read

Stablecoin issuer Paxos filed a request to set up a national bank by the name of Paxos General Trust on Wednesday.

It will have its headquarters in New York and be licensed to store and issue cryptocurrencies, as well as have the legal capacity to fulfill the functions of a regular trust bank.

The news was revealed on Paxos' official website. In the blog post, Paxos said that the company's mission was to modernize the financial market infrastructure, and empower the free movement of assets while guaranteeing trust.

Should Paxos obtain a Trust Bank charter, the company stated, it would enable it to achieve these goals in the most efficient way.

Paxos is going after the New York State BitLicense, an experiment that has been going for five years now and has attracted the interest of crypto companies from New York and beyond.

History with PayPal

Paxos has a significant footprint in the crypto space. The company teamed up with PayPal earlier this year to help the payment company facilitate cryptocurrency payments in light of a newly-announced support for these assets.

Commenting on the strategic tie-up with PayPal, Paxos CEO Charles Cascarilla said: “PayPal’s selection of Paxos is a reflection of New York’s status as the gold standard for cryptocurrency regulation”

Apart from supporting PayPal's foray into the digital world of cryptocurrencies and running its own ItBit exchange, Paxos is now hoping to secure a license.

Doing so would greatly benefit the crypto space, which can see more organizations seen as valid financial options.

Companies such a Bitcasino, BitStarz and FortuneJack have been putting a lot of effort to expand the clout and reach of cryptocurrencies in general.

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Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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