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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 Ventures into Crypto Sector
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, a New York-based digital assets company. This collaboration follows Paxos Digital Singapore receiving 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, noted that 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.”
Approval and Market Expansion
The approval allows Paxos access to a third market, following licenses obtained in the U.S. and UAE. This expansion comes after Paxos reduced 20% of its staff, representing 65 team members. In an internal email to staff, Paxos CEO Charles Cascarilla mentioned that the move was necessary to “best execute on the massive opportunity ahead in tokenization and stablecoins,” while reassuring that the firm remains in a “very strong financial position to succeed.”
About Paxos
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.
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