Charles Cascarilla News

13.06 / 12:53

markets Digital CEO security PINK reports Paxos lays off 20% of staff

In a company memo obtained by Bloomberg, Paxos CEO Charles Cascarilla says that the layoffs “allows us to best execute on the massive opportunity ahead in tokenization and stablecoin" and the company is in a "very strong financial position to succeed". The pink slips have been handed out to 65 staff members. The company, which reached a $2.4 billion valuation on a $300 million Series D at the height of the fintech boom in April 2021, recently annonced plans to exit the Canadian market. The Bloomberg report says that Paxos intends to gradually discontinue its settlement services in commodities and securities to concentrate more on asset tokenization and stablecoins. Paxos is the digital assets partner of PayPal's stablecoin PYUSD.

14.03 / 21:09

Blockchain technology web3 fashion Web3 Fashion House mmERCH Secures $6.4m in Seed Investment Ahead of Innaugural Collection

Blockchain-enabled Web3 fashion startup mmERCH announced its $6.4 million seed funding round at a $25.7 million post-money valuation led by Liberty City Ventures Thursday, a major step forward for the Colby Mugrabi-led fashion house.

23.02 / 00:03

UPS Target Binance SEC CEO Action SEC Cracks Down on Stablecoins, Targeting Paxos

U.S. regulators may take enforcement action against Paxos Trust Co. over the stablecoin it issued, ramping up a growing crackdown on cryptocurrencies. The Securities and Exchange Commission (SEC)'s decision isn't final, according to the Wall Street Journal. If the SEC does decide to sue Paxos, on the basis that its stablecoins violate laws designed to protect investors, the case would follow another in which the regulator sued Terraform Labs and CEO Do Kwon for a multi-billion dollar fraud involving the algorithmic stablecoin TerraUSD (UST).

22.02 / 12:55

Stablecoin Binance SEC Paxos BUSD Firm Behind Binance's BUSD Stablecoin in Talks with the SEC – Here's the Latest

Paxos, a blockchain infrastructure platform and the issuer of Binance’s stablecoin Binance USD (BUSD), is in talks with the U.S. Securities and Exchange Commission over its decision to consider the stablecoin a security.

21.02 / 19:09

Stablecoin regulation SEC Paxos Binance USD Paxos is engaged in 'constructive discussions' with SEC: Report

Stablecoin issuer Paxos was reportedly discussing the Binance USD (BUSD) stablecoin with the United States Securities and Exchange Commission following a Wells notice from the financial regulator.

08.12 / 12:41

Blockchain Stablecoin Usd Coin Bitcoin hearing House memo details Congress' priorities ahead of crypto CEO hearing

The United States House Committee on Financial Services released a memorandum detailing the points of discussion during the hybrid hearing on digital assets, to be held today at 10:00 a.m. ET.

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