Blockchain and tokenization infrastructure platform Paxos has agreed to acquire Membrane Finance, an Electronic Money Institution (EMI) based and licensed in Finland.
The acquisition is subject to regulatory approval. Upon completion of the acquisition, Paxos will be a fully licensed EMI in Finland and the EU.
Paxos issues trusted USD-backed stablecoins. These digital assets are available to retail and institutional users in various markets around the world. This acquisition will allow Paxos to expand its globally regulated platform to serve European customers in a safe and compliant way. Specifically, Paxos intends to make its portfolio of assets and tokenization solutions compliant with Markets in Crypto Asset (MiCA) regulations.
Walter Hessert, Head of Strategy at Paxos, commented:
“Stablecoins offer a global solution to challenges that countless people and companies feel when it comes to money movement and payments. Stablecoins are becoming increasingly more prevalent throughout the market as more use cases emerge for everyday users. The Paxos platform offers the safest, most compliant stablecoins and stablecoin infrastructure globally. With Membrane, we expect to extend our reach to EU customers looking to benefit from stablecoins.”
