Flourish Crypto trading and custody is powered by Paxos Trust Company, LLC (Paxos), a highly-regulated and audited financial institution. Paxos was the first company to receive a trust charter from the New York State Department of Financial Services for cryptocurrencies. Paxos’ clients include major banks, wirehouses, and one of the largest peer-to-peer payments platforms in the world.
A few key highlights:
- Paxos secured the first New York Department of Financial Services Trust charter for digital assets in 2015, and across its various legal entities, has continuously worked closely with regulators
- With over $11B under custody, Paxos is used by Fortune 500 companies, including America’s largest consumer digital payments provider.
- Received both a SOC1 and SOC2 Type II certifications—a rigorous standard when it comes to independent verification of security protocols and controls
- Paxos employs sophisticated security measures, including Multi-party Computation (MPC) signing for warm and hot wallets, and multi-sig signing for cold wallets
- Stores the vast majority of client assets in “cold storage”, and has both hot and cold storage insurance coverage1
- All client assets held by Paxos are bankruptcy remote, segregated from any corporate assets
- Paxos’ parent company has raised more than $500 million in capital; they most recently raised $300 million in April 2021 at a multi-billion dollar valuation.
1 Paxos has insurance policies in place that cover certain losses with respect to cryptocurrency that they hold in hot and cold storage, subject to the terms of the applicable policies. This insurance coverage is not backed by any government and is not equivalent to FDIC insurance or SIPC coverage. Learn more about this insurance coverage here.