Paxos has agreed to obtain Membrane financing to expand its presence in the EU.
In the latest development, Paxos, the leading control blockchain and tokenization infrastructure platform, announced that it has agreed to obtain a license from Membrane Finance (Membrane), an electronic money institution (EMI) based in Finland. The acquisition is subject to regulatory approval. Once the acquisition is completed, Paxos will become a fully licensed EMI in Finland and the EU.
This acquisition will enable Paxos to expand its globally regulated platform to serve European customers in a secure and compliant manner. In particular, Paxos aims to make its portfolio of assets and token solutions compatible with markets in Crypto Asset (MiCA).
“Stablecoins provide a global solution to the challenges that countless people and companies feel when it comes to money movement and payments. Stablecoins are expanding in the market as many use cases emerge for everyday users. The Paxos platform is the most secure, most compliant stablecoin and stablecoin globally. With Membrane, we expect to expand our reach to EU customers who want to benefit from statcoins,” commented Walter Hesser, Head of Strategy at Paxos.
Paxos is a US-based crypto brokerage and blockchain company that provides stablecoin management services. It has supported well-known organizations such as Binance and PayPal to launch their branded stablecoins. Paxos and its affiliates are headquartered in New York, Abu Dhabi and Singapore.
The move comes five months after the European Union's Common Markets in Crypto Asset regulations for stablecoins began to apply. Markets in Crypto-Assets is set to go into effect in the European Union on December 30, 2024.
