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Gungun Bhatia
Nov 7, 2022
by Gungun Bhatia

Singapore-based Blockchain Platform Paxos to Increase Employment

Paxos Employment

Table of contents

  1. MAS Granted License to Paxos
After receiving approval from the city's central bank to provide cryptocurrency goods and services there, Paxos, the company behind the stablecoin USDP, wants to give employment to at least 130 employees, according to a report from Bloomberg on Monday.

In an interview, co-founder Rich Teo stated that the company is preparing for a three-year development drive, with Singapore serving as its center for development outside of the United States. There are approximately 350 employees worldwide and 20 in Singapore in the company.

MAS Granted License to Paxos

Paxos is one of roughly 20 companies that have been granted licenses by the Monetary Authority of Singapore (MAS) to provide services involving digital tokens in accordance with the Payment Services Act.

The anticipated recruiting drive in Singapore implies Paxos is defying the general trend in the digital asset business of workforce reductions in reaction to the recent decline in the cryptocurrency industry. On the basis of news articles and press announcements, 11700 cryptocurrency employees had been lost since the start of April.

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Blockchain Cryptocurrency Paxos USDP
Singapore-based Blockchain Platform Paxos to Increase Employment
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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