The aim of settling transactions in PAX, is that merchants and businesses globally can have access to the stable cryptocurrency that is backed 1:1 with the US dollar. The partnership with BitPay wants to facilitate the cryptocurrency ecosystem, allowing merchants to settle into a digital asset they can use globally, actualising the promise of cryptocurrencies.
Moreover, Paxos Standard is the first token issued directly by a regulated Trust company, and is approved for issuance by the New York State Department Financial Services. PAX has all of the functionality, sustainability, and regulation that a reliable currency needs. Paxos is a custodian and fiduciary of customer funds, which holds customer deposits in FDIC-insured US banks.
Paxos Standard was launched on 10 September 2018, and can be purchased or redeemed 1:1 with USD by verified customers or can be traded via global markets against other currencies, such as Tether, Bitcoin, Ether, among others.
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