NEW YORK, Nov. 20, 2018 /PRNewswire/ -- Paxos® today announced that the Paxos Standard™ token (PAX™) is now integrated with BitPay as a settlement option for BitPay merchants. By settling transactions in PAX, merchants and businesses globally can have access to the fastest growing stable cryptocurrency that is backed 1:1 with the U.S. dollar.
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. PAX has all of the functionality, sustainability and regulation that a reliable currency needs. Paxos, a qualified custodian and fiduciary of customer funds, holds customer deposits in FDIC-insured U.S. banks.
"We are thrilled to partner with BitPay to enhance the cryptocurrency ecosystem. Paxos Standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators," said Charles Cascarilla, CEO and co-founder of Paxos. "This new partnership allows merchants to settle seamlessly into a digital asset they can use globally, actualizing the promise of cryptocurrencies."
"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," said Stephen Pair, co-founder and CEO, BitPay. "Paxos shares our vision to empower businesses across the globe to secure payments that are fast and stable."
Launched on September 10, 2018, Paxos Standard is the fastest growing stablecoin and has the highest trading volume of any U.S. dollar-backed stablecoin. PAX can always be purchased or redeemed 1:1 with USD by verified customers at Paxos.com or can be traded via global markets against other currencies such as Tether, Bitcoin, Ether, among others. PAX has achieved the fastest and largest global adoption as the first regulated stablecoin, with daily trading volume upwards of $70,000,000 USD.
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
Founded in 2011, BitPay is the pioneer and the most experienced company in bitcoin and blockchain payments. Its suite of products enables businesses to send and receive cross border payments, also enabling consumers to manage digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa® Card. The company has offices in North America, Europe, and South America and has raised over $70 million from leading investors including Founders Fund, Index Ventures and Aquiline Technology Growth. For more information visit https://bitpay.com
The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank, member FDIC, pursuant to a license from Visa, U.S.A. Inc. "Metropolitan" and "Metropolitan Commercial Bank" are registered trademarks of Metropolitan Commercial Bank © 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule, if any.
Contact: Dorothy Chang, [email protected]