Singapore’s largest bank DBS Group will provide custodial services for Paxos as the stablecoin issuer secured full approval from the Monetary Authority of Singapore.
DBS Group, the largest bank in Southeast Asia by assets, is venturing into the crypto sector by becoming the custodial partner for the Singaporean-licensed branch of Paxos, the New York-based digital assets company.
In a press release, Paxos said the collaboration comes after its Singaporean arm Paxos Digital Singapore received full approval from the Monetary Authority of Singapore (MAS) to offer crypto services in the region. Commenting on the partnership, DBS Bank’s head of digital assets Evy Theunis said the deal “further expands DBS’ wide-ranging involvement across the digital asset ecosystem […].”
“We are pleased to support Paxos’ new chapter in Singapore. We firmly believe that trust and security are key to wider stablecoin adoption.”
Evy Theunis
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The approval gives Paxos access to the third market after the New York-headquartered firm obtained licenses to offer crypto-related services in the U.S. and UAE.
The expansion comes after Paxos reduced 20% of its staff, representing 65 team members. In an internal email letter to staff, Paxos CEO Charles Cascarilla said that the move was needed to “best execute on the massive opportunity ahead in tokenization and stablecoins,” reassuring that the firm is in a “very strong financial position to succeed.”
Founded in 2012 by Charles Cascarilla and Rich Teo, Paxos focuses on regulated blockchain infrastructure. The firm has raised nearly $540 million in funding rounds from multiple investors, including Oak HC/FT, Declaration Partners, and Mithril Capital, among others.
Read more: Former CFTC Chair joins Paxos board of directors
