Paxos Lays Off 20% of Employees to Strengthen Tokenization Strategy

Last Updated on June 13, 2024

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Key Takeaways:

  • Paxos has laid off 65 employees (20% of its workforce) to focus on tokenization.
  • Despite challenges and regulatory directives, Paxos maintains a robust financial position with around $500 million.
  • Paxos is shifting its business strategy, phasing out settlement services in commodities and securities to concentrate on asset tokenization and stablecoins.

Paxos has laid off 65 employees, which is 20% of its workforce, to shift its focus toward tokenization.

CEO Charles Cascarilla reassured employees in an email that Paxos is financially strong.

The layoffs aim to position the company for opportunities in tokenization and stablecoins.

Despite challenges, including a directive to stop minting Binance’s BUSD in early 2023, Paxos has a robust balance sheet with around $500 million.

In August 2023, Paxos partnered with PayPal for a new stablecoin venture.

The company plans to phase out its settlement services in commodities and securities to focus more on asset tokenization and stablecoins.

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