Paxos powers digital asset experience for millions of consumers using Mercado Pago, Nubank, PicPay
USDP & PAXG are the regulated, always-backed tokens companies can offer their users
NEW YORK and SAO PAULO, May 31, 2023 /PRNewswire/ -- Paxos, the regulated blockchain infrastructure and tokenization platform for enterprises, continues driving the growth of digital assets in Brazil and broader Latin America through its partnerships with leading local, regional, and global enterprises.
Over the last 18 months, Paxos has seen increasing demand for its products and services in Brazil. In 2022 alone, Paxos partnered with leaders like Mercado Libre, Nubank and PicPay to bring safe digital asset services to millions of users. Today, more than 60% of Paxos' active wallets support consumers across Latin America. Global enterprises choose to partner with Paxos on their digital asset strategy as Paxos has built oversight, risk management and corporate controls into all aspects of its operations. Sophisticated institutions and global technology companies can offer their users easy access to financial products with Paxos' specially designed crypto brokerage and stablecoin solutions.
Michael Coscetta, Chief Revenue Officer of Paxos, commented, "We see strong momentum in Brazil from large enterprise companies looking to provide crypto, stablecoin and gold to their customers. More than ever they are exclusively looking to work with regulated, safe partners. Adoption will only accelerate given Brazil's push for regulatory clarity. We believe it's only a matter of time before crypto will be viewed as a must-have component in any portfolio."
Arnoldo Reyes, Head of Latin America of Paxos, added, "The appetite and pace of Brazilian consumers adopting digital asset products and services continues to accelerate. In 2022, Paxos announced key partnerships with leaders like Mercado Libre, Mastercard, Nubank and PicPay. We believe that embedding crypto as part of the value proposition will be fundamental to attracting, engaging and retaining customers in Brazil. We also believe that forward-looking policies will promote greater engagement and partnership between companies like Paxos and public sector stakeholders like the Central Bank of Brazil. Constructive public-private collaboration will support the accelerated adoption of blockchain and crypto which will drive economic growth for companies and consumers."
Brazilian consumers today can rely on the quality and safety of Paxos' regulated tokens Pax Dollar (USDP) and Pax Gold (PAXG). USDP is a fully-reserved and always redeemable one-to-one digital dollar. USDP is available to anyone and makes sending, receiving and holding US dollars seamless. PAXG is the safest way to own investment-grade physical gold, as it's a digital token that is backed by one fine ounce of LBMA gold held in London vaults. Paxos Trust Company is the sole issuer of these digital assets and both are regulated by the New York Department of Financial Services.
Nubank, one of the world's largest digital financial services platforms, relies on Paxos to power the crypto experience for its millions of users. Thomaz Lysakowski Fortes, General Manager of Nubank Cripto, commented, "Democratizing cryptocurrencies involves not only the complexity-free experience that Nubank Cripto delivers, but also a robust infrastructure that gives security to customers interested in taking their first steps about where they are putting their money. With Paxos and its expertise as a leading blockchain infrastructure provider, we have a partner that guarantees global protection in the custody of our customers' crypto assets and, as a result, the confidence to learn and move forward in this huge journey of opportunities that is the cryptocurrency universe."
In 2023, Paxos will further democratize access to cryptocurrencies in the region by enabling more enterprise partners, continue tokenizing assets that consumers most desire (including dollars and gold) and enabling payments into and out of Brazil through the use of regulated stablecoins. The Brazilian government's innovative approach to the blockchain space will facilitate faster adoption of crypto and Paxos is uniquely positioned to support enterprises in their journey. In fact, just recently Paxos participated in the Central Bank's Tokenization Roundtable where Paxos had the opportunity to share its views, technology capabilities, and the importance of taking a regulatory-first approach. Paxos will work with new and current partners in Brazil to make USDP and PAXG more easily available to all consumers.
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, Bank of America and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
Media Contact: Becky McClain, [email protected]
These press releases may also interest you