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Paxos Standard (PAX)

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Paxos Standard (PAX) is a stablecoin that was launched in 2018 by Paxos. The token is listed on over 90 exchanges, Over-the-Counter (OTC) desks and wallets, making it one of the most widely available stablecoins in the market. 

With the goal of enabling a “frictionless global economy”, the Paxos Standard is one of many products launched by Paxos with the intention of expediting the arrival of decentralized economies.

The Paxos Standard is an ERC-20 token, which gives it the advantages that come with a protocol that allows for smart contract capabilities, including an increased number of use cases and wallet support from any wallet that supports the ERC-20 standard. 

Paxos releases monthly attestation reports to prove that it does have the funds to back each PAX token. The team says that all customer funds are held in segregated accounts at FDIC-insured, US-domiciled banks. Paxos is approved and regulated by the New York State Department of Financial Services (NYSDFS). 

Paxos has spent the early months of 2019 implementing new features and bringing the stablecoin to more payments systems, lending platforms, exchanges and wallets. New features include immediate redemption of tokens and auto-transfer of funds.

Is this the level of support expected from Celsius Network? - School boy error follow-up!

14 Mar 2021 3 minute read 28 comments PVMihalache

Probably I know the story and you've seen the School boy error: How to lose $300 article, when silly me won $250 from the Ditto Meme Competition and sent them from Binance Smart Chain, directly to my Celsius Network BUSD account and they never reache...

Paxos Partners with Chainlink to Boost DeFi Adoption

15 Jan 2021 1 minute read 2 comments Abhimanyu Krishnan

Paxos (PAX) has partnered with oracle provider Chainlink (LINK) to boost the adoption of its assets in the DeFi market, as revealed in a press release issued on Jan. 14. The initial integration sees the DeFi market gets price feed data on Paxos (PAX...

MakerDAO Votes to Add GUSD and PAXG as Collateral

2 Nov 2020 1 minute read 7 comments Abhimanyu Krishnan

On October 29, the MakerDAO governance community successfully passed two proposals on the addition of Gemini Dollar (GUSD) and PAX Gold (PAXG) as collateral. The two assets will now be put up for executive votes within the next 30 days. Voting for G...

PayPal Started Allowing Users To Buy, Sell, Hold Cryptocurrencies

22 Oct 2020 1 minute read 0 comments

Finally, Paypal officially entered in the crypto space to destroy the entry barriers created by central banks and useless obligations containing confusions arises by Govt. The Paypal USA and world-wide digital payment channel well-known already used...

Gemini is going to accept deposits in Pax gold(PAXG), AMP, Compound on his exchange.

14 Sep 2020 1 minute read 1 comment Suryakantdalai

A big crypto exchange Gemini decided to accept deposits in PAXG, AMP, Compound on his exchange on date of September 15. PAXG will trade with USDT, AMP and Compound will trade with other cryptos. What is PAX Gold? It is a digital asset based on ERC-20...

$PAXG On BlockFi? Earn 4% Interest On Gold-Backed Crypto?

5 Sep 2020 1 minute read 9 comments CryptoSnarf

BlockFi I always say, if you're a long-time follower of my content you will know the different services that I regularly use. BlockFi has been a huge help in helping me save and earn interest on my crypto assets, as well as furthering my curiosity an...

Pax Gold: Better than Stablecoins?

19 Aug 2020 5 minute read 16 comments SamBTC

Stablecoins have become quite popular these days as they serve many purposes. Some people use it when they are selling their crypto but don’t want to convert it to fiat. Some people use stablecoins on Crypto lending platforms and with the recent rise...

Ahem | How Nexo turned $2k into $10k

16 Aug 2020 1 minute read 2 comments Bayarizard

*Ahermm* I just wanted to show how the scheme concocted in here in picture form: turning USD$2,000 into almost $10,000 worth of Stablecoins (split between Pax and USDC) using my Nexo account. *Yes, I asked permission beforehand; and no, I don't show...

The New York State Department of Financial Services (NYDFS) approved cryptocurrencies trade and custody Greenlist

11 Aug 2020 1 minute read 2 comments PVMihalache

On the 22nd of July, the United States Office of the Comptroller of the Currency (OCC) clarified that national banks can take custody of cryptocurrency. The public letter dated 22nd of July 2020, in Washington, clarifies that any national bank can ho...

Cryptocurrency partnership with Paxos from payment giant PayPal

8 Aug 2020 1 minute read 0 comments DHEagle

It is said to partner with PayPal Paxos Crypto Brokerage, the payment giant to provide crypto services. According to the news CoinDesk quoted today and relied on two people who knew the subject, one of the sources stated that the partnership could be...