Paxos Infrastructure Powers More Than Ten Million Active Digital Wallets Globally

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Apr 03, 2023, 10:00 ET

Paxos Brokerage Supports the Everyday Consumer's Digital Asset Experience through Enterprise API Integrations

NEW YORK, April 3, 2023 /PRNewswire/ -- Paxos, the regulated blockchain and tokenization infrastructure platform, crossed ten million active end user digital wallets globally. Despite widespread market uncertainty, Paxos has demonstrated clear growth through customer-backed support.

Using the regulated, blockchain-based Paxos brokerage product, leading financial services companies can launch their own digital asset investment, transfer, reward and payment solutions to their users. This is securely enabled through Paxos' institutional grade qualified custody, licensing and trading capabilities. In less than three years since introducing the product, Paxos established high-volume product integrations with leading and secure global enterprises like PayPal, Interactive Brokers, OANDA, Mercado Libre and Nubank so everyday consumers can access digital assets using the apps they know and trust. Through these and other partnerships, Paxos reaches half a billion user wallets, with more than 2% now actively trading or holding digital assets. Notably, nearly 60% of the active wallets serve consumers across Latin America.

Michael Coscetta, Head of Revenue at Paxos, commented, "To compete and innovate on a global scale, enterprises must build digital asset and blockchain solutions into their existing offerings. We have seen the pitfalls of attempting to navigate the digital asset ecosystem without using an experienced and trusted company. Paxos has experience helping global leaders safely manage regulatory and tech complexity with speed. These integrations have delivered clients increased engagement, greater customer acquisition opportunities and new revenue streams. It's only a matter of time before digital assets will become a must-have component of any financial services platform."

Despite volatile market dynamics, Paxos found that global consumers maintain a strong belief in the potential for digital assets. A recently conducted consumer survey found that 75 percent of respondents were very confident or somewhat confident in the future of cryptocurrency despite market volatility. An additional 72 percent reported that they have little or no concern about the volatility the crypto markets experienced over the last year. High-profile collapses and oversight issues stemming from the implosion of certain centralized players have not deterred consumers, as 89 percent of respondents said they continue to trust banks, crypto exchanges and/or mobile payments apps to hold their crypto.

With a strong balance sheet, prudential oversight and robust compliance programs, Paxos is tailor-made to serve the needs of sophisticated global enterprises with billions in assets and millions of customers to protect. Compliance, oversight, stability, risk management and corporate controls are built into all aspects of our operations, making our product suite particularly compelling for financial institutions and technology companies.

To learn more about Paxos' product offering, visit our website.

About Paxos
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.

Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, Bank of America, Credit Suisse and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.

CONTACT:
Rebecca McClain
[email protected]

SOURCE Paxos