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After Gaining License in Singapore, Paxos Plans to Hire 130 Employees

After Gaining License in Singapore, Paxos Plans to Hire 130 Employees

Paxos currently employs 20 people in Singapore and 350 globally.

Paxos, a New York-based financial institution and technology firm specializing in blockchain, is planning to hire approximately 130 employees for its Singapore office.

According to the Bloomberg report, the news comes after, on November 2nd, Paxos received a license from the Monetary Authority of Singapore (MAS) to offer “digital payment token services under the Payment Services Act 2019.”

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In the interview regarding the matter, Paxos co-founder Rich Teo said that the company is planning a three-year expansion to Singapore. Teo claims that Singapore will become Paxos hub “for growing outside the US.”

It is worth noting that the firm currently employs 20 people in Singapore and 350 globally. In previous reports, Paxos claimed that receiving a regulatory license in Singapore makes the company one step closer to expanding its presence in Asia.

In the press release shared on November 2nd, Paxos claims that it is the first “US-based blockchain infrastructure platform to secure the license as a Major Payments Institution.”

With the green light from MAS, Paxos is set to offer its digital asset, blockchain products, and services to companies located in Singapore.

Regarding the regulatory license, Paxos Asia co-founder and CEO Rich Teo noted:

We’re honored to be one of the first US-based blockchain platforms to secure this important license from MAS. We’re excited to have MAS as our regulator. Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.

In other news, on October 17th, Mastercard announced its collaboration with Paxos to bring crypto services to financial institutions (FI).

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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