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Overall the bank said that earnings for the first quarter rose by 72% to SGD 2.01 billion from SGD 1.17 billion a year ago.

New York-based Paxos plans to use the funds to continue investing in its infrastructure, hire more people and add liquidity across the platform to “enhance the customer experience and increase utilization of its tokens.

“The economy is a long way from our goals and is likely to take some time for substantial further progress to be achieved,” Chairman Jerome Powell said in Wednesday’s remarks.