Paxos has just 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 holds customer deposits in FDIC-insured U.S. banks.
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.
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, Binance Coin, Bitcoin, Ethereum, among others.