BitPay will be adding Paxos Standard Token (PAX) to its platform as an option for settlement. Merchants and businesses all over the world will have access to the PAX digital asset. PAX is a stablecoin that is backed 1:1 with the U.S. dollar. The information was released a few days ago in a press release.
BitPay Supports Paxos Standard
2018 has witnessed a strong growth of stablecoins such as PAX. This virtual currency was the first token issued by a regulated Trust company. At the same time, it is approved for issuance by the New York State Department Financial Services (NYSDFS).
Because of the way in which PAX was conceived and planned, several institutions and merchants are starting to pay attention to it. This virtual currency has the functionality, sustainability and regulation that a stablecoin must have if it wants to have a strong presence in the cryptocurrency market.
Charles Cascarilla, CEO and co-founder of Paxos commented about the new partnership with BitPay:
“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.”
Furthermore, Cascarilla explained that the new partnership allows merchants to use a cryptocurrency that can be used globally.
Stephen Pair, co-founder and CEO of BitPay, said that the company is committed to transforming the financial industry through blockchain technology. Using the Paxos Standard Token, users will have the possibility to receive a fast and low-cost settlement.
“Paxos shares our vision to empower business across the globe to secure payments that are fast and stable,” commented Mr Pair.
According to the press release, the PAX virtual currency is one of the largest stablecoins in the market. Additionally, it has the highest trading volume of any other U.S. dollar-backed stablecoin.
It is very important to have a stablecoin that can be trusted and that is regulated. During the last months, the most popular stablecoin in the market, Tether (USDT) has been involved in different controversies. According to some reports, the stablecoin was used to manipulate Bitcoin prices during bear trends.
With PAX and its integration to BitPay, merchants will now be able to accept a non-volatile digital asset as a means of payment.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
