Paxos Becomes “Major Payments Institution” in Singapore

Paxos, a cryptocurrency trading and custody platform, announced on Wednesday that Paxos Global Pte Ltd had acquired a license from the Monetary Authority of Singapore (MAS). Under the new license, Paxos will be able to offer digital payment token services, and it will become the first blockchain

Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature features of blockchain is that it is maintained across more than one computer.

The Ledger

The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with.

Evolution

The Evolution of Blockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.”

These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver. The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger.

Peer to Peer

In exchange for their work, the nodes receive rewards in the form of crypto tokens. By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally. Of note, P2P blockchain networks lack centralized points of vulnerability.

Hackers

Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point. In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of ​​extensive research across multiple industries, including financial services and payments, among others.

Storage of Data

By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.

Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point. In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of ​​extensive research across multiple industries, including financial services and payments, among others.
Read this Term infrastructure platform from the USA with a Major Payments Institution (MPI) license.

Founding of Paxos

“We founded Paxos to make it safer and easier to move assets at any time, anywhere. From the start, we’ve been committed to innovating within regulatory frameworks. We’re honored to be one of the first US-based blockchain platforms to secure this important license from MAS. We believe blockchain and digital assets will revolutionize finance for everyone around the world, but the development of this technology must have clear oversight and consumer protections,” Rich Teo, the Co-Founder and CEO at Paxos Asia, commented.

“We’re excited to have MORE as our regulator. Paxos will safely accelerate consumer adoption of digital assets globally in partnership with the world’s biggest enterprises.

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