The site is operated by Paxos Trust Company LLC, which was founded in 2012 in the US. The start-up began with the regulated itBit exchange. The domain was registered in 2002 by an unknown owner from the UK, and renewed in 2023 for one year. The founder claims to be a New York state trust company regulated by the New York Department of Financial Services (NYDFS). All statements of the founders are not supported by documents.
The cryptocurrency broker offers crypto-trading for popular assets like BTC, ETH, and others. The website has a regulated blockchain infrastructure with qualified storage, licensing, and trading.
Paxos USDP and BUSD digital coins are provided for payments, funds movement, and settlement. The Paxos PAX token is the first digital asset issued by a financial institution and is fully backed by US dollars, according to the company’s advertisement. The internal token’s functions include:
- Transfers between accounts
- Conversion and transfer of fiat funds
- Rewarding users
The company provides services for individuals and companies. The Paxos platform creates blockchain solutions for tokenisation, storage, trading, and asset settlement. With this service, businesses can add crypto to their business applications.