Paxos expands regulated blockchain infrastructure in Brazil and LATAM
“We believe that embedding crypto as part of the value proposition will be fundamental to attracting, engaging and retaining customers in Brazil.”
Paxos has extended its network of partners in Brazil and broader Latin America as part of its strategy to bring its regulated blockchain infrastructure and tokenization platform to enterprises across the globe.
In 2022 alone, Paxos partnered with Brazilian leaders like Mercado Libre, Nubank, and PicPay to bring safe digital asset services to millions of users, and over the last 18 months, Paxos experienced increasing demand for its products and services in the country.
Paxos helps brokers deliver crypto, stablecoin, and gold in Brazil
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.”
Paxos offering USDP and PAXG
More than 60% of Paxos’ active wallets support consumers across Latin America, according to the firm which has built oversight, risk management, and corporate controls into all aspects of its operations. Paxos’ infrastructure is specially designed crypto brokerage and stablecoin solutions.
As part of its offering, Paxos provides access to its 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 a way to own investment-grade physical gold: 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.
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.”
For 2023, Paxos plans to further democratize access to cryptocurrencies in the region by enabling more enterprise partners, continuing tokenizing assets, 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.
