The Paxos Trust Company are a blockchain powered ‘trust’ who aim to use notions of trust to build products that simplify settlement and eliminate risk.
According to a new report by Forbes, Paxos have received full approval from the New York Department of Financial Services to trade Ethereum, Litecoin, Bitcoin Cash and Stellar. In response to this approval, the CEO of Paxos, Charles Cascarilla has said:
The cryptocurrency exchange segment of Paxos, known as itBit is now the eighth such entity to receive approval from the New York Department of Financial Services.
This is very positive news, mostly on a localised scale for New York state as it further increases the trading options and opportunities for investors living there. Furthermore, it relays a strong message to the rest of the United States and of course, will help to assist the US Securities and Exchange commission with their future research into the cryptocurrency industry. As a result of this, we can only expect trading in New York to increase and of course, we can expect Ethereum, Litecoin, Bitcoin Cash and Stellar to benefit significantly. Furthermore, as a result of these currency listings, we can only expect more to come as both Paxos and itBit cement their position within the growing New York crypto-economy.