Paxos has announced a new brokerage service
Revolut has become the first partner to use Paxos Crypto Brokerage for US customers of its banking app. That’s a new service allowing firms to integrate crypto buying, selling, holding, and sending capabilities into their own apps.
The solution provides access to the $200 billion cryptocurrency market managing the underlying regulatory and technological complexity.
The report states that Paxos stores all crypto assets on behalf of Revolut US users. The company also provides access to deep liquidity so Revolut US clients have good trading prices.
Since Paxos Crypto Brokerage is an API-based solution, the digital bank controls the user experience and manages its customer relationships.
We’ve reported that $38 million in bitcoin alone have been stolen by scammers over the past 4 years, $24 million of which during the H1 2020.