What is Pax Dollar ?
Paxos Standard (PAX) is a stable cryptocurrency built on top of the Ethereum (ETH) network. It is linked to the US dollar, which is why it is referred to as a stable coin. Additionally, it is referred to as the digital dollar. The founders of Paxos Standard stable coin created the coin intending to change the financial environment through its ability to conduct fast, flexible, and seamless transactions.
Paxos LLC, previously iBit, was formed in 2012 by three partners:
- Charles Cascarilla (who serves as Paxos’s overall CEO).
- Andrew Chang (who serves as Paxos’s Chief Operating Officer).
- Richmond Two (CEO of Paxos Asia).
The firm is headquartered in two locations: New York and Singapore. The Paxos team launched the Paxos Standard (PAX) stable coin in September 2018.
Primary features of Pax Dollar
- Price stability: Price stability is ensured through the use of the US dollar as the reserve currency.
- Regulation and security: Paxos Standard Coin is governed by the New York State Department of Financial Services (NYDFS), which oversees the digital asset. Account audits are performed regularly under the supervision of Withum, a US-based auditing firm.
- Easy access to funds: Transactions, such as purchasing or redeeming, are completed regularly, allowing for greater ease and more efficient cash transfer.
- Transactional charges: There are no transactional fees.
Is Pax Dollar a promising cryptocurrency?
Investors now have a perfect chance to save, invest, transact, and trade without fear of market volatility or unanticipated malpractices.
Additionally, to guarantee the smooth operation of the business, the Paxos team works to maintain a cordial relationship with financial regulators. So, Paxos Standard token cryptocurrency seems like a promising cryptocurrency.
How to use Pax Dollar coins?
Alternative to traditional currencies: The PAX Stablecoin can be used as a complement to conventional cryptocurrencies.
- Storing value: PAX Coin is a borderless digital asset that anybody may transfer and keep for the purpose of storing value or wealth.
- Payment method: Paxos may also be used as a payment method for digital assets and cryptocurrencies based on the blockchain. The majority of businesses that accept cryptocurrency as a form of payment are open to PAX.
Pros & Cons of Pax Dollar coin
- Its foundation on Ethereum’s makes it more easy, transparent, efficient, and secure.
- Its liquidity is high as its users can access it on major exchanges.
- Periodic audits make their working transparent.
- The New York Department of Financial Services regulates Paxos Standard.
- Funds of customers are held by FDIC-insured banks situated in the United States.
- Centralization increases the likelihood of censorship or seizure by authorities in the event of alleged malpractices or violations of terms and conditions.
- Reduced privacy, as the majority of exchange platforms, require KYC information to conduct big transactions. The same is true when redeeming or purchasing Paxos Standard in fiat.
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FAQ's on Pax Dollar
- What is Paxos Standard (PAX)?
PAX is a tradable stable coin built on the blockchain and linked to the US dollar. It was created as a less volatile digital asset with immediate borderless transactions, unlike traditional cryptocurrencies.
- Why is Paxos Standard Ethereum-based?
Ethereum is a distributed ledger technology built on the blockchain that integrates smart contracts to provide a secure end product that fosters user trust. As a result, Paxos opted to operate on this network.
- How many PAX coins are there in circulation?
Currently, there are about 936.446 M PAX coins in circulation.
Paxos Standard Token
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.