Paxos Agrees To Acquire Membrane Finance To Expand Its Presence In EU
In the latest development, leading regulated blockchain and tokenized infrastructure platform Paxos has Announce It has agreed to acquire Membrane Finance (Membrane), a Finland-based and licensed electronic money institution (EMI). The acquisition is subject to regulatory approval. Upon completion of the acquisition, Paxos will become a fully licensed EMI in Finland and the EU.
The acquisition will enable Paxos to expand its global regulatory platform to serve European customers in a secure and compliant manner. Specifically, Paxos intends to make its portfolio and tokenization solutions compliant with Markets in Crypto-Assets (MiCA) regulations.
“Stablecoins provide a global solution to the challenges felt by countless people and companies in the movement of funds and payments. Stablecoins are becoming more common across the market as more use cases emerge among everyday users “The Paxos platform provides the most secure and compliant stablecoins and stablecoin infrastructure in the world. With Membrane, we hope to expand our reach to EU customers who want to benefit from stablecoins,” commented Walter Hessert, Head of Strategy at Paxos. .
Paxos is a regulated U.S. blockchain company that provides cryptocurrency brokerage and stablecoin management services. It supports well-known companies such as Binance and PayPal to issue branded stablecoins. Paxos and its affiliates are already regulated in New York, Abu Dhabi and Singapore.
The move comes five months after the European Union’s sweeping crypto-asset market regulations for stablecoins came into effect. Cryptoasset market regulations will come into effect across the EU on December 30, 2024.
