Paxos gets NY crypto li­cence

The Mercury - - BUSINESS REPORT | INTERNATIONAL -

CRYPTO cur­rency start-up Paxos Trust was yes­ter­day au­tho­rised by the state of New York to trade cryp­tocur­ren­cies such as Ether, Lite­coin, Stel­lar Lu­mens and Bit­coin cash on its ex­change. The state’s De­part­ment of Fi­nan­cial Ser­vices also granted Xapo a vir­tual cur­rency li­cence to of­fer dig­i­tal wal­let and a vault ser­vice to store Bit­coins. Paxos, a blockchain and cryp­tocur­rency startup, was founded in 2012 as Bit­coin ex­change itBit. It later re­branded to Paxos and piv­oted into a busi­ness fo­cused on pro­vid­ing ser­vices us­ing blockchain, the tech­nol­ogy un­der­pin­ning vir­tual cur­rency. Most re­cently, Paxos has sought to re­vive the cryp­tocur­rency side of its busi­ness, in a bid to take ad­van­tage of an ex­plo­sion in crypto-trad­ing sparked by a rally in prices. – Reuters

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