Paxos

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Paxos
Paxosnewlogo.png
Founded 2012
Headquarters New York, Singapore
Key People Charles Cascarilla, CEO; Andrew Chang, COO; Richmond Teo, CEO of Asia
Products Bitcoin exchange
Twitter @Paxos
Website www.paxos.com

Paxos (formerly itBit) is a global exchange offering a platform for buying and selling bitcoin, aimed at both retail and institutional investors.[1] The exchange was founded in 2012 by Charles Cascarilla and Richmond Teo, and is backed by a consortium of venture capital firms - RRE Ventures, Canaan Partners and Liberty City Ventures - as well as by individual investors Jay W. Jordan II and James Pallotta.

Paxos began accepting U.S. customers in May 2015 after being granted a license to operate by the New York State Department of Financial Services (NYSDFS).[2]

History

The company was founded in Singapore in 2012, and launched in November 2013 after receiving $5.5 million in funding.

In May 2015, the itBit Trust Company became the first company to receive a charter from the NYSDFS which, according to CEO Charles Cascarilla, allows the exchange to operate in all 50 states.[3]

Upon receiving the charter, the company was able to secure an additional $25 million in seed funding. Also, itBit announced the appointment of three board members, former FDIC chair Sheila Bair, former U.S. Senator Bill Bradley and Morgan Stanley's Robert Herz.

itBit's announcement of a partnership with an undisclosed U.S. bank means that U.S. customers of the exchange will have their deposits held by said bank and insured up to $250,000 by the FDIC.[4]

On June 21, 2016, Euroclear and itBit announced a collaboration to explore opportunities in creating a new settlement service for the London gold market using ItBit's proprietary blockchain infrastructure technology and flagship product, Bankchain.[5]

Key People

itBit Team:

Board of Directors:

Board of Advisors:

References

  1. About Us. itBit.
  2. Bitcoin Exchange Receives First License in New York State. New York Times.
  3. NY grants first banking license to bitcoin exchange itBit. CNBC.
  4. Bitcoin exchange itBit gets NY trust charter, bank partner. American Banker.
  5. Euroclear and itBit collaborate on blockchain solution for gold market settlement. Euroclear.