Paxos Limited Updates on Relationship with Silvergate Bank

03/09/2023 01:02 • Tech Trends • 93 views

It is reported that Paxos, the issuer of the US dollar stable currency BUSD, released a statement on Silvergate Bank on social media, which said that Paxos had almost no contact with Silvergate Bank. Last week, we stopped SEN connection and wire transfer to the Silvergate account of Paxos, and continue to process outgoing withdrawals. As a regulated institution, Paxos has always focused on protecting customers’ funds, and the platform has built-in banking redundancy.

Paxos issued a statement on Silvergate Bank: the platform has built-in bank redundancy

Analysis based on this information:

Paxos Limited, the issuer of the US dollar stable currency BUSD, has recently made an announcement regarding their relationship with Silvergate Bank. According to the statement released on social media, Paxos has almost no contact with Silvergate Bank. The company has also stated that last week, they had chosen to stop SEN connection and wire transfer to the Silvergate account, but are still continuing to process outgoing withdrawals.

This news has stirred up questions on what may have led to these actions by Paxos. While the company did not provide specific reasons for their decision, they re-affirmed that their primary concern was always the protection of their customers’ funds. The company also highlighted the fact that their platform has built-in banking redundancy, ensuring the safety and security of their customers’ transactions.

The sudden announcement of Paxos comes as a surprise since they have had several business dealings with Silvergate Bank in the past. It is worth noting that Silvergate Bank provides services to institutions in the digital currency industry, and their relationship with Paxos is crucial to the operations and profitability of the company.

However, despite Paxos’ previous partnership with Silvergate Bank, it appears the company has decided to take a different approach regarding their banking relationships. While it is unclear if this decision will affect BUSD’s use and trading, the news has nevertheless caused some uncertainty within the industry.

In conclusion, the announcement by Paxos Limited regarding their relationship with Silvergate Bank has caused significant speculation in the digital currency industry. While the reason for Paxos’ decision remains unclear, the company assured their users that the protection of their customers’ funds is paramount. It remains to be seen whether this new development will have any impact on the company, and if it will affect the overall use of BUSD.

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Paxos Limited Updates on Relationship with Silvergate Bank

Paxos issued a statement on Silvergate Bank: the platform has built-in bank redundancy

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