As an experienced financial analyst, I am closely monitoring the developments in the digital asset industry, with a particular focus on regulatory approvals and institutional partnerships. The recent news that Singapore’s largest bank, DBS Group, will provide custodial services for Paxos, following the stablecoin issuer’s full approval from the Monetary Authority of Singapore (MAS), is a significant development in this space.
As a crypto investor, I’m excited to share that DBS Group, the leading bank in Singapore, has announced they will offer custodial services for Paxos. This comes after Paxos, the stablecoin issuer, successfully obtained full approval from the Monetary Authority of Singapore (MAS). By partnering with DBS, Paxos adds an extra layer of security and trust to its operations, providing peace of mind for investors like myself.
DBS Group, the leading bank in Southeast Asia with the greatest asset value, is expanding its horizons into the cryptocurrency industry by assuming the role of custodian for the Singapore-authorized division of Paxos, a prominent digital asset firm based in New York.
In a statement, Paxos announced that its Singaporean subsidiary, Paxos Digital Singapore, has received complete authorization from the Monetary Authority of Singapore (MAS) to provide cryptocurrency services in the area. Regarding the collaboration, Evy Theunis, head of digital assets at DBS Bank, commented, “This partnership broadens DBS’ existing extensive engagement within the digital asset sector.”
“It gives us great joy to back Paxos as they embark on their next phase in Singapore. Our conviction is strong that trust and security are essential for the broader acceptance of stablecoins.”
Evy Theunis
Paxos has been granted authorization, enabling us to enter the third market. Having secured licenses to provide crypto-related services in the United States and the United Arab Emirates, we are now poised to expand our reach.
Paxos, my trusted platform in digital assets, recently announced a reduction of 20% in its workforce, impacting 65 team members. In an internal email, the CEO, Charles Cascarilla, communicated that this decision was taken to optimally capitalize on the immense potential in tokenization and stablecoins. He emphasized that Paxos remains financially robust and well-positioned to thrive in this dynamic market.
Established in 2012 by Charles Cascarilla and Rich Teo, Paxos specializes in creating infrastructure for blockchain technology that adheres to regulatory requirements. The company has secured approximately $540 million in funding from various investors such as Oak HC/FT, Declaration Partners, and Mithril Capital, among others.
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2024-07-02 12:35