The Paxos Trust Company are a blockchain powered ‘trust’ who aim to use notions of trust to build products that simplify settlement and eliminate risk. According to Paxos:
“Eliminating settlement risk starts with the ability to settle assets and payments simultaneously. That’s why Paxos combines regulated Trust status with distributed ledger technology to create a modern settlement platform.”
Moreover, Paxos’ status as a regulated trust means that assets and cash are able to freely more around the Paxos platform. This platform uses blockchain technology to enable asset exchange and instantaneous payments.
Find out more about Paxos, here- https://www.paxos.com/
According to a new report by Forbes, Paxos have received full approval from the New York Department of Financial Services to trade Ethereum, Litecoin, Bitcoin Cash and Stellar. In response to this approval, the CEO of Paxos, Charles Cascarilla has said:
“We’re starting to gain a lot of momentum here. We just keep thinking about how we can add new product that will help our customers.”
The cryptocurrency exchange segment of Paxos, known as itBit is now the eighth such entity to receive approval from the New York Department of Financial Services.
Furthermore, according to Forbes:
“In addition to adding the new cryptocurrencies, Cascarilla says itBit is planning to provide collateral services to customers who are trading in nascent cryptocurrency futures markets. However, he stopped short of saying that the company would start dabbing directly in cryptocurrency futures, for now. I don’t think that we’ll have trading products that are anything beyond the spot market anytime soon’ he concluded.”
See the full Forbes article for yourself, here-
This is very positive news, mostly on a localised scale for New York state as it further increases the trading options and opportunities for investors living there. Furthermore, it relays a strong message to the rest of the United States and of course, will help to assist the US Securities and Exchange commission with their future research into the cryptocurrency industry. As a result of this, we can only expect trading in New York to increase and of course, we can expect Ethereum, Litecoin, Bitcoin Cash and Stellar to benefit significantly. Furthermore, as a result of these currency listings, we can only expect more to come as both Paxos and itBit cement their position within the growing New York crypto-economy.