Stablecoin Issuer Paxos Plans to Hire at Least 130 in Singapore: Report
Co-founder Rich Teo told Bloomberg the firm is planning a three-year expansion built around Singapore as its hub for growth outside the U.S
Nov 7, 2022 at 9:57 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/GLCWDPO6TNHZRHNJC6C562PTU4.jpg)
Singapore (Shutterstock)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Paxos, issuer of the stablecoin USDP, plans to hire at least 130 people in Singapore after obtaining a license from the city-state's central bank to offer crypto products and services there, Bloomberg reported Monday.
Co-founder Rich Teo said in an interview that the firm is planning a three-year expansion push built around Singapore as its hub for growth outside the U.S. The firm currently employs 20 people in Singapore and 350 globally.
Paxos is one of almost 20 firms to have received licenses from the Monetary Authority of Singapore (MAS) to offer digital token services under the Payment Services Act.
The planned hiring push in Singapore suggests Paxos is bucking the wider digital asset industry trend of headcount cuts in response to the past several months' crypto market slump. Some 11,700 crypto jobs had been lost since the beginning of April, according to CoinDesk estimates, based on media reports and press releases.
Paxos did not immediately respond to CoinDesk's request for further comment.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/008ae87f-5c6e-412b-816b-ded600ac5054.png)
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.