Establishment - 09. 2018
Standard of the token - ERC-20 Ethereum
Listing - https://coinmarketcap.com/ru/currencies/paxos-standard/markets/
Market capitalization – $226 695 647 USD
Coinmarketcap rating - № 31
Maximal price of the token over the time - $1,10 USD
Minimal price of the token over the time - $0,872764 USD
Website of the project - https://paxos.com/standard
Likedin - https://www.linkedin.com/company/paxos
Medium - https://medium.com/@PaxosStandard
Twitter - https://twitter.com/paxosglobal
PAX cruptocurrency review
Paxos Standard (PAX) - is a stable token of the standard ERC-20, built on the basis of Ethereum blockchain, linked to the rate of US dollar.
The main goal of emission of the stablecoin is creation of a new, secure and regulated “gateway” between the traditional financial world and the ecosystem of cryptoassets.
The company “Paxos Trust”, that has become an issuer and developer of this stablecoin, that turned out to be a real lawful digital equivalent (1:1) to fiat US dollar, became such a “gateway”.
Originally, the company “Paxos Trust” was an operator of the cryptoassets exchange ItBit. In 2012, “Paxos Trust” was providing services on trade of cryptoassets in a pair with US dollar and was oriented solely towards the large-scale American traders.
Hereafter, in 2016, the company received a trust charter from New York Department of Financial Services (NYDFS) and announced the launch of a regulated stablecoin. In other words, at the official level, the company obtained an official right to perform operations with cryptoassets, including “digitalization” of traditional securities and gold by tokens.
In September, 2018, the launch of Paxos.com platform was held along with the issuance of Paxos Standard (PAX) stablecoin.
Collaboration of the issuer company PAX with SEC (U.S. Securities and Exchange Commission) and other regulating bodies provided American residents with an opportunity to procure PAX, that is completely complying with the legal and regulatory framework and standards.
Despite the ongoing battles between the US regulators and representatives of the crypto-industry, Paxos Standard token has swiftly resonated with the market and started being actively utilized for various purposes.
The combination of the best traditions of “flexibility” of Ethereum smart contracts and securing the token with real US dollars allows users to obtain a number of advantages:
- Conducting transactions in real time mode without any commissions applied;
- The most profitable conversion of US dollar into cryptoassets;
- Protection from exceptional volatility of the bitcoin and other cryptoassets;
- Utilization of PAX token for fixation of profit, that was received from trading;
- Support of bank transfers.
- Exchange of US dollars into PAX tokens in any time of the day and without any commission fees.
- Sending/receiving US dollars all over the world;
- Utilization thereof for payment for goods and services.
Moreover, it is noteworthy that fiat funds (equivalent of issued PAX tokens) are stored in American banks, and the stablecoins themselves are stored in secure custodial “warehouses”. When reversely converted into US dollars, PAX tokens are being “burned”.
Stability, lawfulness and transparency of the token Paxos Standard, as the equivalent of real US dollar, are ensured by:
1.Official American regulators SEC and NYDFS;
2.Fiat reserves of the USA banks (with insurance of FDIC);
3.Financial support of large venture funds;
- Monthly audit of fiat reserves from the company Withum with the subsequent publication of a financial report;
5.Audit of security of the smart contracts by the companies “Nomic Labs” and “Chain Security”.
Storage of the stablecoin Paxos Standard (PAX) is possible practically in any Ethereum wallet, supporting the standard ERC-20 (as MyEtherWallet or Exodus).
According to the official update (as of 15th of March, 2020), the total emission of Paxos Standard (PAX) tokens amounted to $1,345,334,238.66 USD.
The total amount of transactions with utilization of PAX, resulted in the sum of $120,472,694,537.34 USD.
To date, market capitalization of the token is equal to $226 695 647 USD.
The highest price of the token over the whole period was observed on 15th of October, 2018 and was equal to $1,10 USD.
The lowest price over the whole period was noticed on 13th of March, 2020 and amounted to $0,872764 USD.
The token Paxos Standard (PAX) has passed listing on more than 100 exchange platforms, among which there are Inanomo , BitMart, BitZ, TOKOK and is most often traded in following pair combinations PAX/USDT, PAX/TUSD, PAX/BTC, PAX/ETH.