Bitcoin (BTC) developer Jimmy Song stated that using blockchain tech for a private, centralized system, such as an enterprise, ‘makes zero sense’ in an interview with Laura Shin June 26. Song, also a venture partner at Blockchain Capital, spoke on the podcast Unchained about his work as an architect on an enterprise private blockchain at Paxos for two years, noting that he “couldn’t” make a private blockchain work: “Every single time I came back to the same thing, you have to have some central point of failure, in which case a blockchain makes zero sense [...] I tried so hard …

Paxos, an American financial technology startup, has attracted $65 mln from investors, including venture capital firms RRE Ventures and Liberty City Ventures, and private equity executive Jay Jordan, Reuters reported May 31. The company was initially founded in 2012 as Bitcoin exchange itBit and later rebranded as Paxos, a business focused on providing services using blockchain technology. Paxos holds a trust company charter in the state of New York, which gives it some of the same privileges as a bank, including the ability to take custody of mainstream financial assets. Paxos reportedly aims to use the raised funds to bolster …

Paxos, a Blockchain company formerly known as ItBit, announced its strategic partnership with Euroclear to deploy a Blockchain settlement service for gold markets. London Bullion Market integration Euroclear, the world’s largest Belgium-based asset and securities settlement cooperative founded by J.P Morgan & Co., attended the SIBOS Annual Conference in Geneva, Switzerland with Paxos to announce their joint project and explain the importance of a secure and efficient infrastructure in unsystematic gold markets. The Paxos-Euroclear gold market-focused Blockchain settlement solution will be the first of its kind and most likely the only Blockchain settlement platform to be integrated by a major …