ItBit launches new blockchain firm Paxos

Announcements | September 20, 2016 By:

itBit announced it has officially rebranded as Paxos, migrating its blockchain projects to a new entity under which itBit will now sit as a separate division.

The name Paxos is inspired by a technical term that represents a process for reaching consensus. The name underscores the company’s goal to leverage consensus-driven blockchain technology in transforming the way global financial institutions work together. The company’s flagship service, Bankchain, is a cloud-based platform-as-a-service (PaaS) solution transforming post-trade market infrastructures and back office processes for its global clients. Bankchain was previously recognized under the itBit umbrella, but has become established as an offering under the Paxos brand.

Paxos’s management team is led by CEO and co-founder Charles Cascarilla. Its board of directors includes former chair of the Federal Deposit Insurance Corporation Sheila Bair and former senator Bill Bradley. Former chair of the Financial Accounting Services Board Robert Herz and former chair, president and CEO of Lotus Development Corporation Jim Manzi will also hold board positions.

itBit is a New York-based bitcoin exchange.