The team responsible for cryptocurrency trading platform itBit has now launched Paxos, a blockchain technology firm.
Paxos’s flagship service, Bankchain, is a cloud-based platform-as-a-service solution transforming post-trade market infrastructures and back-office processes for its global clients.
Previously, Bankchain was under the itBit umbrella, but will now be under the Paxos brand.
Paxos’s management team is led by CEO and co-founder Charles Cascarilla.
Its board of directors includes former chair of the Federal Deposit Insurance Corporation Sheila Bair and former senator Bill Bradley.
Former chair of the Financial Accounting Services Board Robert Herz and former chair, president and CEO of Lotus Development Corporation Jim Manzi will also hold board positions.
“Increasingly, the financial services industry is embracing the transformative potential of blockchain technology. Paxos is making that potential a practical reality,” said Cascarilla.
“Our collaboration with Euroclear to create a trusted blockchain settlement infrastructure for gold is just the beginning, and an important first for the industry.”
