Company
Paxos in 2020 - A Year in Review
This year, we helped bring crypto to hundreds of millions of users. We're building financial market infrastructure for an open, digital economy. We closed out 2020 announcing that we raised $142 million in Series C funding, but we also hit many milestones along the way.
Paxos
Earlier today, we announced our $142 million Series C fundraise, which was a satisfying capstone to everything Paxos has achieved this year. Read ahead for our look-back on our biggest year ever. (Infographic ahead, followed by all the text from the image for accessibility.)
In 2020 alone, our tokenized assets (US dollar-backed stablecoins PAX, BUSD and HUSD, as well as gold-backed PAX Gold) grew 295%. This indicates a greater demand for asset-backed tokens that have real-world value and are mobile, global and 24/7.
January
Started the year with $406,460,608 in tokenized assets under custody
February
Launched Paxos Settlement Service with Credit Suisse, Instinet Societe Generale.
April
Introduced the new Paxos account experience as a unified platform to seamlessly manage currency, crypto gold.
June
Representing the industry, Paxos CEO Co-Founder Charles Cascarilla testified to the US Senate Banking committee on the digitization of money.
July
Added Bitcoin Cash Litecoin to the Paxos wallet itBit exchange.
Launched Paxos Crypto Brokerage with Revolut US as a first client.
Celebrated the anniversary of HUSD with more than $3 billion in total transactions.
August
Secured “Greenlist status” in New York so PAX, BUSD and PAXG can be offered by any NYDFS-licensed entity without regulatory approval.
September
Celebrated the anniversary of BUSD with more than $3.8 billion in total transactions.
PAXG trading launched on Binance, Gemini, BlockFi, Celsius, Nexo.
October
PayPal launches crypto buying, holding selling powered by Paxos Crypto Brokerage.
December
Charles Cascarilla featured as one of Coindesk’s Most Influential in 2020.
Received SOC1 Type 2 certification.
Raised $142 million in Series C funding, for a total of $240 million.
Ended 2020 with $1.4 billion in tokenized assets under custody.
***
Thank you for joining us on our trip down memory lane. Ready to look forward? Read this blog post on the Paxos strategy for 2021.
Related articles
Company
Through a Toku integration, Paxos employees can now receive part of their pay in USDG or PYUSD directly through Workday and ADP payroll.
Company
Paxos surveyed 400 US fintech decision-makers for its 2025 Enterprise Digital Asset Adoption Report. Regulation ranks as their top adoption priority.
Company
PayPal USD, issued by Paxos Trust Company, was created with the goal of enabling a digital currency with a stable value designed for commerce and payments. Directly in line with that vision, last week we announced that PayPal USD (PYUSD) is now available on Crypto.com Pay!
