Last February the world learned about Fierce via a press release:
Fierce, the first-of-its-kind fintech platform unlocking the ability for users to earn high-yield returns across all their financial assets, today announced the company’s official launch out of stealth with its app available for iOS. The news comes in tandem with the company announcing $10M in seed funding, with participation from leading institutional investors including Pendrell, AP Capital, Wheelhouse Digital Studios, Space Whale Capital and several notable angel investors.
Yesterday's Paxos press release declared:
With a customer-centric approach and a mission-driven team, Fierce has brought together industry-leading products and services including: an FDIC-insured checking account, a no-fee Debit Card, fractional stock and ETF trading with the ability to passively earn interest on shares and more. Through Paxos, Fierce will offer its customers access to trade Bitcoin (BTC) and Ethereum (ETH) on its mobile app with plans to bring additional digital assets in the future.
Carlyle Group co-founder David Rubenstein invested in cryptocurrency infrastructure company Paxos through his family office Declaration Partners.
Rubenstein is used to milking Uncle Sam's wallet, directly and indirectly. How long before this "policy making billionaire" non-lobbyist influences Congress to just back it all?
The press release noted:
Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Adding to financial instability? Former FDIC Chair and Paxos board member Sheila Bair is familiar with the dynamics of a technology enabled bank run. It happened with Silicon Valley Bank
...a panic among customers and investors, led to massive withdrawals, and ultimately, the bank’s collapse.
Contrast that with the company founder's statement:
“Fierce is a customer focused, feel-good finance app."
Panic reducing or panic inducing? It won't be the first time people have been told something inaccurate regarding technology.
Paxos investor Rubenstein is a longtime oligarch wanting to accumulate more billions on this earth. The new generation of tech oligarchs want to leave the planet while living forever.
Fierce/Paxos may have to change their goal to "enable assets to instantaneously move anywhere in the galaxy." Space Whale Capital would have it no other way.
Politicians Red and Blue love PEU and increasingly, more are one (private equity underwriters). It's a feel good galaxy for the greed and leverage boys.
Update 5-7-23: ZeroHedge reported "a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC)." David Rubenstein must be excited given his stake in Paxos Gold.
Update 6-29-23: Bloomberg reported:
EDX Markets, a nascent crypto exchange supported by Charles Schwab, Fidelity, and Citadel Securities, has reportedly ended its intended association with Paxos and is nearing an agreement with Anchorage Digital.