World’s First Regulated Stablecoin, PAX Listed on Crypto.com’s Wallet & Card App
Crypto.com which a the leading payments and virtual currency platform has made it known that it will be adding PAX token which is owned by Paxos Standard to its Wallet & Card App, a recent report says. Other tokens available on the App includes Ether (ETH), Binance Coin (BNB), Basic Attention Token (BAT), Litecoin (LTC), Bitcoin (BTC), and it’s own MCO and CRO tokens.
About the PAX Sablecoin
PAX is a stablecoin which was created by a New York charter company and financial institution under the regulation of the Department of Financial Services, New York State called Paxos. The token is a digital dollar which is supported on a ratio of 1:1 when compared to US dollars. Due to how it is designed and Paxos’s regulated status, PAX provides stability and user confidence in digital currency markets. PAX was launched in September 2018 and since it was launched, it has become widely adopted reaching a transaction volume of over $16 billion.
Co-founder and Chief Executive Officer of Crypto.com, Kris Marszalek while talking about the new service said that:
“Stablecoins play a critical role in the adoption of cryptocurrencies. We are thrilled to welcome PAX to the Crypto.com platform and look forward to working together on accelerating the world’s transition to cryptocurrency.”
Paxos is the first regulated Trust company with blockchain expertise and its aim is to modernize finance by dishing out assets at the same rate as the internet. In the nearest future, Paxos would have created a structure whereby all assets ranging from money through commodities to securities will be digitalized and travel immediately around the clock. With the economy which Pacia is expected to build, settlement risk will no longer be in existence ultimately allowing trillions of dollars of trapped capital can be utilized in a stress-free economy worldwide.
Paxos was designed in a way which allows the mobilization and custody assets digitally. Products available on Paxos includes OTC trading, Custody, Post-Trade, PAX, and itBit crypto-asset.