Paxos, over the next three years, will expand the Singapore unit headcount from 20 to 150 specialists. Bloomberg.
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As of today, the team totals 350 people.
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The expansion is linked to the recent receipt of \”approval in principle\” from the Monetary Authority of Singapore to provide services related to cryptocurrencies and other digital assets.
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\”Singapore will become our growth hub outside the United States\”, — said co-founder Rich Teo.
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Of 200 applications for digital-asset jobs in Singapore, the regulator approved only 18.
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The regulator noted that Paxos’s plan runs counter to industry trends.
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Specifically, headcount optimization was announced by Crypto.com, BitMEX, Robinhood, Gemini, Bitso, Coinbase, BlockFi and the parent company of the Brazilian exchange Mercado Bitcoin.
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In the United States, Paxos holds a conditional license as a national trust bank and plans to obtain a clearing agency license.
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The BUSD stablecoin, issued for the Binance exchange, has been approved by the New York State Department of Financial Services.
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