Paxos announced today that its USD pegged stablecoin Paxos Standard Token (PAX) will now be integrated with BitPay as an option for settlement. The opportunity to settle in PAX will be available to a global list of BitPay merchants. This development will give businesses and merchants access the stablecoin, which is a digital equivalent of the dollar.
Paxos is registered in New York, which makes the Paxos Standard Token a registered stablecoin whose issuance is approved by the New York State Department Financial Services. This makes PAX a regulated, stable and sustainable digital equivalent of USD in the market. Each PAX is backed 1:1 with a US dollar, held in FDIC-insured US banks while Paxos acts as a custodian and fiduciary of customer funds.
Co-founder and CEO of Paxos, Charles Cascarilla commented on the new partnership with BitPay saying that PAX gives users the power to transact in a USD-backed coin while leveraging the power of blockchain and enjoying the benefits of regulatory oversight. He noted:
"This new partnership allows merchants to settle seamlessly into a digital asset they can use globally, actualizing the promise of cryptocurrencies."
BitPay's co-founder and CEO Stephen Pair reiterated that the company is committed to " transforming the financial industry through blockchain technology." He said that the company is fulfilling its mission by allowing low-cost and quick settlements in USD-backed PAX stablecoin. He added:
"Paxos shares our vision to empower businesses across the globe to secure payments that are fast and stable."
For PAX, this could be another wave of adoption. The stablecoin, launched in September 2018, is currently the fastest growing USD-backed coin in the market and boasts of the highest trading volume amongst its similarly-designed peers. As is evident, each PAX token can be purchased or redeemed for exactly $1 by verified customers at Paxos.com.
Featured Image from Shutterstock.
A journalist and trader who enjoys writing, technical analysis and consulting. Viraj has been investing in stocks for more than eight years and involved in cryptocurrencies for over a year.
Viraj aims to share his knowledge on markets and cryptocurrencies in a clear, concise way.
11/21/2018 / 14:29:10 Source: blokt