History
Charles Cascarilla and Rich Teo founded Paxos in 2012 as the itBit bitcoin exchange.[11][12] In 2015, the company changed its legal name from itBit to Paxos Trust Company.[13] At the same time, the New York State Department of Financial Services granted Paxos a limited-purpose trust charter,[6] making it one of the first companies in the U.S. approved and regulated to offer crypto products and services.[14][15]
The company received $65 million in a funding round in May 2018.[8] In September 2018, Paxos launched the Paxos Standard stablecoin as one of the first regulated stablecoins. Paxos introduced PAX Gold, a regulated gold-backed digital token, in September 2019.[13]
In October 2019, the U.S. Securities and Exchange Commission (SEC) issued a no-action letter allowing Paxos to pilot a blockchain-based settlement service for U.S. equities; the service launched in February 2020.[16][5][17] In July 2020, Paxos launched its crypto brokerage, with Revolut as the first client.[3][18]
In October 2020, PayPal announced that it would offer cryptocurrency buy, hold, and sell services to its users through a partnership with Paxos.[19][20]
In September 2022, Canada-based multi-asset retail financial trading services provider OANDA Global Corporation (OANDA) collaborated with Paxos to develop a crypto trading ecosystem.[21] On 20 October 2022, OANDA launched a crypto trading function on its forex trading platform in partnership with Paxos. The partnership allows U.S.-based clients of OANDA to trade cryptocurrencies on Paxos' itBit exchange through the OANDA mobile app.[22]
In June 2025, Paxos launched Paxos Labs, a startup incubated within the company to help institutions integrate decentralized finance (DeFi) and on-chain products into their platforms.[23]
In November 2025, it was announced that Paxos had acquired the New York-headquartered multi-party computation (MPC) digital wallet and custody technology startup Fordefi for an undisclosed amount.[24]
In December 2025, the U.S. Office of the Comptroller of the Currency (OCC) conditionally approved Paxos Trust Company’s application to convert its state trust charter into a national trust bank charter, subject to meeting the regulator’s conditions.[25][26]
Lobbying and political influence
In 2025, Charles and Marissa Cascarilla were among the donors who funded the White House's East Wing demolition and planned ballroom construction.[27]
