11.13.2020 - By Laura Shin
Paxos CEO and cofounder Chad Cascarilla discusses his company's partnership with PayPal, which just opened up its crypto purchase and selling product to all its US customers. In this episode, he covers:
how Paxos enables PayPal's crypto product
the regulatory steps Paxos took to make this happen
why $200 billion company like PayPal would partner with a small company like Paxos
how Paxos Crypto Brokerage works
how Paxos provides the regulatory cover that PayPal needs for this offering, along with custodial and liquidity services
why this product sources its coins on Paxos's ItBit exchange
how the four crypto assets available on PayPal — bitcoin, ether, litecoin and bitcoin cash — were chosen
what other tokens one might expect to be offered through Paxos Crypto Brokerage, and possibly by extension by PayPal
how PayPal gets around the scaling issues on Bitcoin and Ethereum
whether Paxos's stablecoin business might be used by PayPal
if PayPal does acquire BitGo, what that would mean for Paxos offering custody for PayPal through its brokerage
how Paxos's equity settlement platform is going, and where it could go over time
how and why Paxos is applying to the SEC to become one of three clearing agents
Thank you to our sponsor!
Crypto.com: http://crypto.com
Episode links:
Chad Cascarilla: https://www.linkedin.com/in/charlescascarilla/
Paxos: https://www.paxos.com
PayPal now offers crypto purchases to all its customers: https://www.theblockcrypto.com/linked/84398/paypal-opening-up-app-crypto-users
Original announcements about PayPal offering crypto purchases with Paxos: https://www.coindesk.com/paypal-new-york-conditional-bitlicense-paxos-cryptocurrency
https://www.theblockcrypto.com/post/81794/paypal-to-enable-crypto-purchases-with-the-help-of-paxos
Paxos announcement: https://www.paxos.com/paypal-paxos-bring-crypto-to-millions-of-users/
Paxos Crypto Brokerage: https://www.prnewswire.com/news-releases/paxos-introduces-paxos-crypto-brokerage-service-to-power-digital-asset-buying-and-selling-in-any-product-301093761.html
PayPal approved for conditional BitLicense: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202010211
Paxos’s stablecoin business: https://www.theblockcrypto.com/genesis/54254/a-deep-dive-into-the-paxos-stablecoin-ecosystem
PayPal rumored to be in talks to acquire BitGo: https://www.coindesk.com/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo-bloomberg
Paxos working with Revolut: https://www.coindesk.com/uk-fintech-firm-revolut-brings-bitcoin-ether-trading-to-us-customers
Paxos equity settlement business: https://www.theblockcrypto.com/linked/56494/paxos-equity-settlement-business-goes-live-with-credit-suisse-and-nomuras-instinet-as-first-clients
https://www.theblockcrypto.com/post/44901/paxos-looking-to-upend-a-massive-corner-of-wall-street-credit-suisse-on-board-for-pilot
Link to the Crypto News Recap:
https://unchainedpodcast.com/1st-paxos-interview-since-paypal-news/