Technology Firm Paxos to Employ 130 People in Singapore

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).

by Gile K. – Crypto Analyst, BitDegree