Paxos, the first regulated Trust company with blockchain expertise, has announced that Paxos Standard token (PAX) is now integrated with crypto payments processor BitPay as a settlement option for the processor’s merchants.
With the PAX integration with BitPay, businesses and merchants the world over are able to access the fastest growing stable digital currency backed 1:1 with the American dollar.
According to a press release CoinReport received from Hokku, Paxos’ PR agency, PAX has all of the regulation, sustainability and functionality that a dependable currency requires.
PAX is the first token issued directly by a regulated Trust firm and is approved for issuance by the New York State Department of Financial Services.
As a qualified custodian and fiduciary of customer funds, Paxos holds customer deposits in FDIC-insured American banks.
BitPay co-founder and CEO Stephen Pair said in the news release we received, “BitPay is fully committed to transforming the financial industry through blockchain technology. We are furthering this mission by allowing our customers around the world to receive fast and low cost settlement using the USD backed Paxos Standard token.”
He added, “Paxos shares our vision to empower businesses across the globe to secure payments that are fast and stable.”
PAX was launched on September 10, 2018. The cryptocurrency has the highest trading volume of any U.S. dollar-backed stablecoin. It can always be bought or redeemed 1:1 with USD by verified customers at Paxos.com or can be traded through worldwide markets against other currencies like bitcoin, ether, Binance Coin, Tether, etc. As the first regulated stablecoin, PAX has achieved the largest and fastest worldwide adoption. The daily trading volume of PAX is upwards of $70,000,000.
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