Paxos CEO Charles Cascarilla
Paxos CEO Charles Cascarilla speaking at CoinDesk's Consensus event. CoinDesk

Digital asset trust company Paxos has tripled the circulation of tokenized assets under its custody in the past year, the company said in a blog post on 19 December.

According to it, 2019 has been a very successful year for the digital asset trust company, having launched more products this year than since its creation in 2012.

The firm also claims to have made significant progress in its mission to build a new financial market infrastructure through the “platformification” of many of its products.

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The aim of the company is to build an infrastructure, which will allow traditional financial institutions to gain access to the new digital ecosystem, and will help blockchain companies to interoperate with traditional assets.

Dorothy Chang, the Head of Marketing & Comms at Paxos, commented on the company’s goals in the blog post, saying:

“The problem we see is that the world’s $600T-worth of assets operate on closed and outdated financial infrastructure that’s slow, expensive and risky – the whole system needs to be modernized before it becomes obsolete. So, we’re modernizing the system by building new financial market infrastructure from the ground up, and building the on-ramps onto these new rails.”

The firm has also stated that it plans to expand its offerings in the coming year, so more companies can rely on its infrastructure to provide services to their customers.

Using its experience in creating stablecoins for companies such as Binance and Huobi, Paxos is planning to create “white-label” stablecoins in 2020, for firms that are looking to digitize some of their assets.

In November, the company introduced the Fiat Gateway Solution, which allowed customers to do simple swaps between the U.S. dollar and stablecoins issued by Paxos.

It also introduced the Stablecoin Swap, which allows for all stablecoins custodied by Paxos to be treated as interchangeable, and be swapped fee-free at 1:1 ratio.

Though the services were originally only available to customers that used the Paxos.com interface, they can now be integrated with other platforms through the use of the Paxos API.

The Thursday blog post also revealed that the company plans to further develop more APIs, in order to connect its partners with traditional and digital markets.

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