NEW YORK, Nov. 27, 2018 /PRNewswire/ -- Paxos® (https://www.paxos.com/) today announced that the Paxos Standard™ token (PAX™) will be added as a base currency on the world's largest crypto exchange, Binance. When trading commences at 8 a.m. EST on November 29, PAX will have six trading pairs listed on Binance's USDⓈ Markets against BNB, BTC, ETH, XRP, EOS and XLM.
With a circulating supply exceeding $140 million, Paxos Standard's market cap has continued to grow on a daily basis since its launch on September 10. The addition of PAX on the Binance exchange platform will offer digital asset traders a USD-denominated alternative stablecoin to Tether (USDT) as a base currency for the first time. PAX is backed 1:1 by US dollars held in FDIC-insured US banks, and a major auditing firm regularly ensures that these bank balances and token balances are consistent through monthly attestations. Paxos and PAX are both approved and regulated by the New York State Department of Financial Services.
"Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a regulated and transparent stablecoin they can trust," said Charles Cascarilla, Paxos co-founder and CEO. "Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large."
As the first digital asset issued by a financial institution and fully backed by USD, PAX provides a stable medium of exchange for digital transactions. Additionally, verified Paxos customers can easily purchase or redeem PAX same-day.
"We added PAX as a stablecoin base pair because we believe it will help to increase overall liquidity of the crypto market," said Changpeng Zhao, CEO of Binance. "More trading pairs will be added soon."
Paxos was launched 2012 as a way to modernize finance by mobilizing assets at the speed of the internet. Paxos Standard is the first token issued directly by a regulated Trust company and is approved for issuance by the New York State Department Financial Services.
Paxos is on a mission to modernize finance by mobilizing assets at the speed of the internet.
Paxos is building a future where all assets—from money to commodities to securities—will be digitized and can move instantaneously 24/7. Settlement risk will cease to exist, so trillions of dollars of trapped capital can go to work in a global, frictionless economy. Today, as the first regulated Trust company with blockchain expertise, Paxos is uniquely positioned to mobilize and custody assets digitally.
Visit www.paxos.com for more information on Paxos and its institutional-grade products like Paxos Standard token and Paxos Confirmation Service for precious metals. Visit www.itBit.com for the crypto-asset exchange and related services including escrow, custody and OTC trading.
Paxos Standard and PAX are trademarks of Paxos Trust Company, LLC
Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, and Blockchain Charity Foundation.
Binance Exchange is the leading global cryptocurrency exchange, with users from over 180 countries and regions. Capable of processing more than 1.4 million orders per second, Binance Exchange is the largest crypto exchange by trade volume and one of the fastest in the world. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike.