Paxos Standard

Paxos Standard: Another BEST StableCoin

By Mr_SauravKT | Lets Go Crypto | 11 Jul 2020

Well, jumping into another one of the best stablecoins of the crypto era, we’ll talk about the Paxos Standard (PAX).

On the 10th of September 2018, a New York-based Regulated company with Blockchain expertise Paxos Trust, LLC introduced a new stablecoin to the Crypto Market called Paxos Standard, simply as PAX.

Paxos Standard Token is backed by USD in 1:1 proportion which means, If the Paxos Trust Company removes a dollar from their account, the PAX, backed by it, disappears. The tokens are also issued only at the time of their purchase by the customer. It means, that no matter what situation the company is in, anyone could exchange its tokens for USD. The dollar deposits of the Paxos Trust are held in collateralized by U.S. government treasuries or FDIC-insured U.S. banks.

It is a fiat-collateralized stablecoin on the Ethereum blockchain as an ERC-20 token. It is approved and regulated by the New York State Department of Financial Services.

Paxos has become the most widely adopted cryptocurrency in the fastest time frame, with support from over 20 exchanges and OTC desks in the first five weeks of its existence. Within three months of being issued PAX achieved $5 billion in transactions, and just over a year later in November 2019, it is the 33rd largest cryptocurrency by market capitalization, with a market cap of $226 million.

PAX is now listed on over 150 exchanges and OTC desks. It has a market cap of 246.58M USD with a 190.19M USD 24hr Trading Volume which shows its high liquidity. It has a total supply of 249.95 PAX and a market cap rank of 35. [At the time of writing]

PAX allows user to convert digital assets to fiat currencies with no fees; Assets can be rapidly converted from physical to digital and vice versa very rapidly; Even though PAX is a stablecoin intended primarily for use on the Paxos platform, there is a chance that it will replace Tether as the most popular stablecoin, and that would see PAX supply growing massively.

How to buy VeChain?

So, if you learned enough about PAX and want to invest in it, here is a brief guide on how to buy $PAX.

1st Method: Exchange Bitcoin to PAX

One of the easiest, most secure, and the best way to buy $PAX is by using ChangeNOW. Just you need is follow the link, type the amount you wanna buy, deposit the funds and you’re done. You can use the widget below to buy your Paxos. Read the full review of ChangeNOW here.

2nd Method: Using PAX supported Exchanges

Another method is by using different crypto exchanges:

So, What are you waiting for? Go and grab your First $PAX!

Words of Advice: Please don’t keep your funds in exchanges because they don’t give you your private keys and you don’t have access to your funds!

Best Wallets to Store $PAX

Now that you have bought your $PAX, you probably must be searching for a place to store it safely. So, here is the list of some of the best choices:

1). Hardware Wallets: Probably, the most secure and efficient way to store your $PAX is a hardware wallet. So, you can buy a Ledger wallet.

2). Paper Wallets: It is one of the cheapest and very secure ways to cold store your $PAX. Thus, you can create a paper wallet that will contain all of your public and private keys. 

3). Software Wallets: It is the most convenient and secure way to store your coins. But, there is a risk of loss of your funds since your keys are online. However, they are suitable for day-to-day purposes. I recommend you to use Guarda Wallet. Read the full review of Guarda here.

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