A new stablecoin known as Paxos Standard (PAX) was announced by the New York company based company; Paxos, on the 10th of September, 2018. The coin is also approved and regulated by the New York department of financial services.
The release of this coin coincided with the release of another Stablecoin, known as Gemini Dollar (GUSD), but due to the fact that Gemini Dollar is connected to Winklevoss twins exchange Gemini, it got more public and media attention, and as a result of this, became more popular than PAX. But there is a lot to learn about this Crypto as well.
Paxos Standard (PAX): unveiling
Paxos Standard (PAX) claims to be the first ever regulated trust company with expertise in Blockchain technology. And it is presently using its expertise in the creation of a modern settlement solution that can also simplify settlements and eliminate risk.
Paxos was originally founded in the year 2012 at Paxos Trust Company, and for most of its life, it ran the Cryptocurrency exchange itBit, an exchange it still operates today. The creation of Paxos was meant to serve as a pivot from an exchange platform to an actual company that is focused on creating a modern settlement platform with the aid of Blockchain technology.
It should be known that Paxos Standard (PAX) is an ERC-20 token that is built on the Ethereum Blockchain. Also, the Paxos tokens PAX are only in circulation as long as the corresponding U.S dollars are being held in reserve. This is because when PAX are redeemed for US dollars, the tokens are immediately destroyed or burned. After users might have registered and thus, become verified users, they are eligible to purchase and redeem PAX tokens directly from Paxos.com. and that is going to be on a 1 ratio 1 basis with the U.S dollar.
Also, when trading on the itBit platform, investors will be able to withdraw other digital assets to PAX instantly and free of charge. This is largely due to the fact that the itBit platform is also owned by Paxos. While Paxos Standard (PAX) remains a utility token, it will also be available on other exchange platforms, trading under the ticker symbol; PAX.
Paxos standard (PAX): Where to Store
Since the Paxos Standard was created as an ERC-20 token, it can be stored in any wallet, as long as it is an ERC-20 wallet. Paxos Standard (PAX) is one of the most widely adopted Crypto in the shortest time interval. It has been listed and picked up by six out of the top ten Cryptocurrency exchanges. These six exchanges include; KuCoin, Binance, OKEx, Gate.io, ZB, and DigiFinex. Also, additional exchanges have plans to also pick up and list PAX very soon. What these exchanges are doing is that they are offering PAX as an alternative to the controversial tether.
PAX has rapidly earned the trust of traders as a reliable stablecoin due to the fact that it offers immediate settlements and verified reserves. Among other things, the real strength of Paxos lies in the full USD backing.