Paxos, a financial technology company delivering revolutionary blockchain solutions for global financial institutions, this week unveiled its new brand. The Paxos team—whose leadership launched itBit, the innovative cryptocurrency trading platform—consists of experienced financial services professionals with post-trade and market infrastructure expertise, leading technologists and engineers.
Bankchain was previously recognized under the itBit umbrella, but has become established as an offering under the Paxos brand. It looks as if blockchain based services will be under the Paxos brand and Bitcoin and digital currency trading related offerings and services still conducted through itBit.
The name underscores the company’s goal to leverage consensus-driven blockchain technology in transforming the way global financial institutions work together. The company’s flagship service, Bankchain, is a cloud-based platform-as-a-service (PaaS) solution transforming post-trade market infrastructures and back office processes for its global clients.
Bankchain delivers instantaneous settlement, offering market participants reduced risk exposure and increased operational efficiencies. Paxos’ strategic relationships with leading market participants and infrastructure providers such as Euroclear allows Bankchain to seamlessly connect to today’s existing settlement systems.
Increasingly, the financial services industry is embracing the transformative potential of blockchain technology. Paxos is making that potential a practical reality. Our collaboration with Euroclear to create a trusted blockchain settlement infrastructure for gold is just the beginning, and an important first for the industry.
– Paxos CEO Charles Cascarilla
Formally under the itBit brand but now moving under the Paxos brand is the company’s offering of a blockchain settlement of physical gold into digital gold tokens, in which itBit had recently partnered with Euroclear.
The company has offices in New York, London and Singapore, providing a strong presence in key global financial centers as it continues to grow its staff and services across capital markets.