Paxos has launched a new brokerage service to help institutions provide cryptocurrencies to their clients without bothering about technological and regulatory constraints.
Announcing the development in an interview with Fortune today, Paxos CEO, Chad Cascarilla said that the product named Paxos Crypto Brokerage is a” plug-and-play” service that enables firms from various industries to integrate cryptocurrency buy, sell, and sending capabilities into their applications.
“It’s clear many firms want to offer crypto but are finding it difficult to build the regulatory and technological infrastructure to do that. This [service] allows anyone, no matter what type of firm they are, to [offer cryptos to their clients],” Cascarilla said.
According to the CEO, the US division of popular crypto-friendly digital banking startup, Revolut has been onboarded as the first client to leverage the service.
The partnership will see Paxos provide custodial service for Revolut’s users in the US and grant access to deep liquidity while allowing Revolut to customize its app with improved market data off-the-shelf historical pricing.
See Also: Revolut Offers Cryptocurrency Service to its 7 Million Users Amid COVID-19 Crisis
There has been growing interest in cryptocurrencies in recent times due to the enormous opportunities associated with the industry. However, despite these opportunities, firms still find it challenging to adopt cryptos due to regulatory and technological concerns.
Financial authorities are sanctioning crypto-related firms in different parts of the world for allegedly breaching laid down rules and regulations through their offerings. This challenge has seen several crypto-related companies exit the industry and has also deterred potential investors from venturing into the space.
With the new service, Paxos will handle all the technological and regulatory complexities while allowing firms to manage their businesses.
Hopefully, this challenge in offering crypto-related service would be mitigated, and more firms, including non-crypto-related firms, can conveniently offer cryptocurrencies to their customers “while relying on Paxos on the backend.”
