Paxos assures protection of customer funds through banking partnerships

It is reported that Paxos, the issuer of the US dollar stable currency BUSD, released a statement to Silvergate Bank on social media. Paxos said that it had no…

Paxos assures protection of customer funds through banking partnerships

It is reported that Paxos, the issuer of the US dollar stable currency BUSD, released a statement to Silvergate Bank on social media. Paxos said that it had no substantive contact with Silvergate. Paxos’ primary task has always been to protect the funds and assets of its customers and make use of a diversified network of banking partners.

Paxos: No substantive contact with Silvergate

Interpretation of the news:


Paxos, the issuer of the US dollar stable currency BUSD, has released a statement on social media stating that it had no substantive contact with Silvergate Bank. The statement was made in response to reports that suggested a possible partnership between the two companies. The announcement confirms Paxos’ primary task of ensuring that the funds and assets of its customers are protected and that it maintains a diversified network of banking partners.

As a cryptocurrency company, Paxos has recognized the need to establish partnerships with traditional banks to ensure the security of its operations. The company has striven to create a reliable network of banking partners that can provide the necessary services to its customers while maintaining efficient and transparent processes. By doing so, Paxos can establish an ecosystem in which customers can safely engage in cryptocurrency transactions without fearing a loss of their funds.

Paxos’ statement emphasizes that it remains dedicated to protecting its customers’ funds by working with reliable banking partners who can provide the necessary infrastructure to support its operations. By not having any commercial arrangements with Silvergate Bank, the company intends to reassure its customers that their assets are not jeopardized by any external influence.

In conclusion, Paxos’ statement reflects the importance of building strong partnerships with reliable banking institutions to safeguard the interests of clients within the crypto ecosystem. The statement is a reminder to all crypto companies of the need to adopt a similar approach in securing their operations, especially in the current era of heightened scrutiny of digital assets. With the emergence of stable coins such as BUSD, it is evident that the future of cryptocurrency depends on the establishment of trusted partnerships with the traditional banking system.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/4593/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.