Paxos granted Singapore license, plans to hire at least 130: Bloomberg
Quick Take
- Paxos was granted a license as a major payments institution by Singapore authorities.
- It plans to hire at least 130 people to build out its office in the city-state.
Paxos has plans to hire at least 130 people for its Singapore office following the news it has received a license to offer digital-payment token services in the city-state.
Paxos is the first U.S.-based blockchain infrastructure platform to secure a license as a Major Payments Institution from the Monetary Authority of Singapore. It received in-principle approval in March.
Only 18 companies have been granted virtual asset licenses out of around 200 applicants. The company currently has 20 Singapore-based employees out of 350 globally — serving a host of enterprise clients including Paypal, Mastercard, Bank of America and Credit Suisse.
By beefing up its Singapore presence, Paxos is hoping to support current partners in expanding their services into Asia. Paxos will grow out the Singapore office over the next 36 months. It is aiming for 130 people but could hire as many as 180, according to Paxos co-founder and Paxos Asia CEO Rich Teo in an interview with Bloomberg.
Singapore has witnessed the departure of several crypto firms over the last few months as it seeks to bring in greater regulation of the sector — particularly in retail trading. It remains a popular spot for infrastructure and other blockchain companies.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
