What is Paxos Standard?
Paxos Standard Token (PAX) is a stablecoin based on Ethereum technology with all the advantages of a blockchain, such as stability and decentralized accounting. The Paxos platform was developed by the Paxos Trust Company as an independent payment system and can be integrated into any other system. PAX is a tool for fast and reliable transactions that is pegged to the US dollar and is highly flexible. The goals of this stablecoin are to minimize the risks associated with investing and simplify financial calculations.
AX is the first stablecoin to be recognized and supported by the New York State Department of Financial Services, whose regulator rarely issues licenses to blockchain projects. After its adoption and approval by the NYDFS, investors’ interest in the token immediately spiked.
You can buy Paxos Standard (PAX coin) on an exchange of your choice and manage it in Guarda Wallet.
Paxos Trust Company
As the first regulated trust company with blockchain experience, the Paxos Trust Company has unique digital asset storage capabilities. Paxos serves as the issuer and custodian of US dollars in the Binance USD project. The Paxos Trust Company was founded in 2012 but the company had previously already launched its own itBit cryptocurrency exchange in Singapore. Paxos Trust Limited became the first digital company to receive the NYDFS trust chart in 2015 (as the itBit Trust Company). Only a few cryptocurrency projects receive support from the state government department responsible for regulating financial services and products, including those subject to the New York insurance, banking, and financial services laws. Such recognition is very important and solidifies the trust of the crypto-trading community all over the world.
They hold US dollar reserves for their own stablecoin Paxos Standard (PAX). PAX was developed as an Ethereum marker, written in accordance with the ERC-20 protocol. This currency is fully secured by the US dollar.
Online Paxos Wallet
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The head of the project is Charles Cascarilla, who previously worked at Goldman Sachs and Bank of America. Andrew Cheng is a project executive director, having worked in the field of high technology for more than 10 years, been a partner in Liberty city ventures, and worked for Google. Another important member of the team is Bill Bradley, a former US senator.
The Paxos stablecoin was launched in 2018 and, after only 2 months, became one of the most popular and traded currencies on the Binance exchange platform. PTL (Paxos Trust Limited) seeks to tokenize various assets, including commodities, securities, and other paper currencies. They even launched a PAXG stable coin, which is provided with real gold in 2020 You can buy PAXG on an exchange of your choice and manage it in Guarda Wallet.
Mobile Paxos Wallet
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Paxos Standard (PAX) features
PAX was created to give users the opportunity to make quick money transfers and exchange fiat for electronic money. It also allows users to reduce transaction fees. They can buy PAX for US dollars on the official Paxos website or on decentralized exchanges of their choice. The ratio is always 1 to 1. Paxos still owns the itBit cryptocurrency exchange and on this platform PAX purchase is available when exchanging for any other asset. The operation is carried out instantly and without commission.
Paxos Standard Tokens remain on the market as long as the US dollars that support them are held in reserve. 100% of PAX is secured by fiat money in the Paxos Trust Limited reserve. The operation of Paxos Standard Token is controlled by two auditing companies: The work of smart contracts is verified by Nomic Labs, which is a specialist in this field, and Withum monitors PAX’s financial reserves (Withum is one of the most famous auditors in the United States). As an ERC-20 standard token, PAX does not have its own blockchain. You can therefore easily store PAX in Guarda Wallet, as it supports any ERC20 token.
Using blockchain is the first part of the system, allowing users to transfer PAX tokens through a reliable and secure network. Intercepting transactions is not easy. PAX is an ERC-20 standard token, meaning flexible configuration is possible with the help of smart contracts. The second part of the system is the Paxos platform, which exchanges US dollars for PAX tokens, acting as a trusted legal entity. These assets are always equated to the main currency. The combination of these two parts makes this a payment system that allows anyone send money anywhere with minimal risks and no large fees.
The main feature of Paxos Standard is that the developer company has official permission for their activity. Moreover, permission was obtained from the New York State Department of Financial Services. PAX, unlike many stablecoins, is really pegged and provided with fiat US dollars. Paxos also has the support of large investors and there are people in the developer company that are well-known in the finance world. Only a month after the official launch, PAX appeared on many large trading floors, getting off to a great start.
Paxos Gold is another stablecoin from the Paxos Trust Company with a rate pegged to the price of a troy ounce of real gold. It is 100% backed up with physical bullions stored at the Brink’s Gold Depository in London.
PAXG is tokenized gold based on the Ethereum blockchain. All PAXG holders are owners of Paxos Trust Company physical gold and can exchange their tokens for real bars of gold at any time. Each Pax Gold token represents 1 troy ounce (31,1034768 grams) of a specific bar stored at Brink’s Gold Depository. It is about 400 oz bullion with a minimum gold mass fraction of 99.5%, whose estimated cost is about $600000. Pax Gold is the first gold token that has all the necessary licenses and permissions from regulators (permission from NYDFS), as well as monthly checks from independent international auditors (Withum). PAX Gold has accreditation from the London Bullion Market Association, which also includes many of the largest financial institutions such as ICE, CME Group, BlackRock, Bank of America, Bank of China, JP Morgan AG, Goldman Sachs, Citibank, UBS, etc.
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