Paxos, the provider of regulated blockchain infrastructure, has achieved remarkable growth since securing Series D funding in 2021. The company’s achievements include onboarding prominent new customers, receiving a license from the Monetary Authority of Singapore to offer digital payment token services, and increasing its assets under custody and active users by 5x. Paxos also reported a 50x growth in revenue and generated $100M in free cash flow in 2022, making it profitable.
The company’s success is a result of its systematic regulation-first approach, which has helped it navigate industry-wide disruptions and achieve long-term goals. Leveraging its experiences, Paxos is progressing rapidly toward becoming the world’s leading digital asset broker and tokenized asset issuer. The company aims to double the number of digital wallets it reaches by 2024.
Looking ahead, Paxos expects significant business growth in 2023, including international expansion to new markets. The company’s success in business will benefit its platform, which is driving its growth. However, this growth also poses new challenges, such as scaling the platform to meet future demand, guaranteeing uninterrupted availability, ensuring security, and expanding on reliability and ease of development.
Paxos invests in world-class talent through its highly selective hiring process to achieve these objectives. The company values its people and recognizes that investing in them is the best way to improve its platform. As Paxos continues to grow and innovate, it remains committed to providing institutional-grade technology at scale and building infrastructure for the future financial system.