2024-11-20
Paxos, a leading regulated blockchain and tokenization infrastructure platform, announced on Nov. 19, 2024 that its agreement to acquire Membrane Finance, a licensed Electronic Money Institution (EMI) based in Finland.
Paxos has agreed to acquire Membrane
Finance, a Finnish Electronic Money Institution, to expand its stablecoin
offerings in the European Union.
This acquisition will make Paxos a
fully licensed EMI in Finland and the EU, thanks to Membrane Finance's license
from the Finnish Financial Supervisory Authority, which is recognized in 30
European countries.
The acquisition aims to extend Paxos'
reach to EU customers looking to benefit from stablecoins. Membrane Finance
issues the EUROe and eUSD stablecoins, and this move will help Paxos comply
with the Markets in Crypto-Assets (MiCA) regulations.
The acquisition, pending regulatory
approval, will position Paxos as a fully licensed EMI within Finland and the
broader European Union (EU).
Paxos aims to extend its regulated
platform to European markets and issue stablecoins compliant with the EU's
Markets in Crypto Asset (MiCA) regulations.
Paxos, known for issuing trusted
USD-backed stablecoins, plans to provide European customers with secure,
compliant, and innovative digital asset solutions.
Walter Hessert, Head of Strategy at
Paxos, stated:
"Stablecoins provide a global
solution to challenges in money movement and payments. With their growing
adoption for everyday use cases, Paxos remains committed to offering the safest
and most compliant stablecoin infrastructure globally. The acquisition of
Membrane will enable us to better serve EU customers and expand the reach of
our stablecoin solutions."
Paxos’ Global Vision
Paxos has established itself as a leader in regulated blockchain solutions, partnering with major enterprises such as PayPal, Interactive Brokers, Mastercard, and Mercado Libre.
Its
stablecoins, including Pax Dollar (USDP) and Pax Gold (PAXG), are widely
recognized for their compliance and reliability. The platform also powers
stablecoin solutions for financial giants like PayPal and Mastercard.
With its expanded licensing in the EU,
Paxos aims to further its mission of modernizing global financial systems,
enabling instantaneous, secure, and borderless asset transfers.
About Paxos
Headquartered in New York, Paxos is prudentially regulated in the U.S., Singapore, and Abu Dhabi.
The company has
raised over $540 million in funding from leading investors, including Oak
HC/FT, Declaration Partners, and PayPal Ventures. Its portfolio includes
innovative products like PayPal USD (PYUSD), Pax Dollar (USDP), and the Global
Dollar Network's USDG stablecoin.
