Paxos Cuts 20% of Staff

Digital assets company Paxos has laid off 65 people, or 20% of its staff, according to a report from Bloomberg, which in turn cited an earlier article by The Block. In an all-hands email obtained by Bloomberg, its CEO Charles Cascarilla said that the layoffs “allows us to best execute on the massive opportunity ahead in tokenization and stablecoin" and the company is in a "very strong financial position to succeed". Paxos has more than $500 million of corporate assets on its balance sheet, which is different from its customer assets, according to a company spokesperson. Paxos intends to gradually discontinue its settlement services in commodities and securities.

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