Paxos Added Support For New DEFI Tokens Like Aave, LINK And UNI

Paxos added support for new DEFI tokens like Link, Aave, and UNI but also added former Square lawyer Ben Gray to its team as we can see further in our latest blockchain news.

Paxos powers the crypto operations for the likes of Mastercard and Paypal and it recently announced support for four new tokens. Paxos added support for new defi tokens to its wallet tools and the company also decided to add former Square lawyer Ben Gray. Paxos supplies services to PayPal and big banks and announced a series of measures on Thursday that can charge DEFI while enhancing the company’s role as the main crypto powerhouse.

Paxos said it is adding support for four new tokens like Aave, Uniswap, Polygon, Chainlink to the wallets. Until now, the company only offered support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. The advantage is that the giant companies for which Paxos handles operations could soon offer these new tokens to millions of consumers worldwide. In addition to PayPal, Paxos’s clients include the likes of Venmo, Mastercard, and MercadoLibre with the brokerage giant interactive brokers.

There’s no guarantee that all of the companies will offer the new tokens but given the popularity of the DEFI assets, there’s a good chance that some of them will. This could deliver a huge boost to the tokens and the bigger DEIF ecosystem so in the case of Polygon to the layer-2 blockchain.
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Paxos announced that it aims to support 1 billion crypto wallets by the end of this year which is a figure that will represent a huge increase from the wallets addresses the company supported at the end of 2021. the company noted that the expansion will come in part from Paxos adding a number of other clients in the upcoming months.

In addition to the new assets and wallet target, Paxos added a new executive Ben Gray as the general counsel. The appointment is notable since Gray came to Paxos from Square which was quite an aggressive move in offering BTC thorugh the Cash app product. Accoridng to the Paxos spokesperson, the company hired Gray in part because of the plans to expand its overseas operations which is a field where Gray has a lot of experience:

“Our financial system is desperately in need of modernization, and Paxos is tackling this problem head on. Paxos and its regulation-first approach to building innovative products will play a central role in the revitalization of our global financial infrastructure.”