NEW YORK, Oct. 15, 2018 /PRNewswire/
Paxos® today announced that the Paxos Standard™ token (ticker symbol PAX) has achieved the fastest, widest institutional adoption of any digital asset, with support from over 20 top global exchanges and OTC desks within one month since its launch. Six of the top ten crypto exchanges, Binance, OKEx, Gate.io, ZB, KuCoin and DigiFinex have already listed Paxos Standard. Additional exchanges that currently list PAX or plan to very soon include, amongst others, OKCoin and itBit. Serving markets around the globe, these exchanges will accept PAX deposits and list various trading pairs of PAX against bitcoin, ethereum, tether and other crypto assets. Offering PAX allows traders the option to cash out their holdings into a digital asset that is denominated and collateralized by U.S. dollars.
“We’re overwhelmed by the positive response from around the globe and are thrilled to see Paxos Standard quickly become the stablecoin of choice by active crypto traders,” said Paxos CEO & Co-Founder Charles Cascarilla. “We look forward to seeing even greater adoption of Paxos Standard as the industry sees the benefit of a regulated, dollar-denominated asset that can settle trades instantaneously.”
Additionally, numerous Over-the-Counter (OTC) trading and market-making firms including SFOX, XBTO, Cumberland, Hudson River Trading, Galaxy Digital, FBG Capital, Two Rivers, Alameda Research, OSL, DV Chain and QCP Capital are ready to support large trades from sophisticated investors.
“Paxos Standard is a stablecoin done the right way,” said SFOX CEO Akbar Thobhani. “It has quickly become our stablecoin of choice because it offers immediate transaction settlement in a trusted way.”
Fast adoption from these institutions shows that there is strong global demand for a regulated, USD-backed stablecoin that traders can trust. Since launch, Paxos has issued over $36 million PAX in exchange for dollar deposits, and is now supported by most large crypto wallets.
“As we continue to innovate in the field of digital currencies trading, we are eager to work with and support Paxos on this new initiative. The impressive depth of crypto markets expertise demonstrated by their leadership team provides comfort for users of stable coins worldwide,” said Philippe Bekhazi, CEO of The XBTO Group.
Launched on September 10, 2018, Paxos Standard is the first digital asset issued directly by a financial institution and the first to be approved and overseen by a government regulator (the New York State Department of Financial Services). PAX can always be purchased or redeemed 1:1 with USD by verified customers at Paxos.com or can be traded via other global markets against other currencies. Traders who use the Paxos digital asset exchange,itBit, also have the option to withdraw their USD as PAX for faster settlement with no fees. Anyone with an Ethereum wallet (that supports ERC-20 tokens) can send or receive PAX.
The entire supply of PAX is collateralized by USD in dedicated omnibus cash accounts at FDIC-insured U.S. banks. Paxos has engaged Withum, a nationally top-ranking auditing firm, to independently verify on a monthly basis that the entire supply of Paxos Standard tokens is consistent with USD in reserve accounts at U.S. banks held and managed by Paxos. All monthly attestations are available publicly.
For additional information and to buy PAX, go to www.paxos.com/standard. For business development opportunities, email [email protected]. To download the white paper and read more about Paxos Standard, please visit https://standard.paxos.com/whitepaper.pdf.