Paxos Standard (PAX) was built so that money can move fast. PAX is a digital dollar. Like other crypto assets, it can move instantaneously, anywhere in the world, any time of any day, and it’s programmable. Unlike other crypto assets, PAX is stable. It is backed 1:1 for the dollar and it’s issued by the Paxos Trust Company, so the funds are carefully protected, audited and regulated. It’s a piece of our future vision for a frictionless, global economy, where all assets can move anywhere instantaneously, 24/7.
Ethereum is a decentralized blockchain-based ledger that supports smart contracts, and is the most widely-used digital-asset platform. Paxos Standard follows the ERC-20 protocol, which is a standard for smart contracts on the Ethereum blockchain. The ERC-20 standard specifies a set of standard functions to manage transactions and track account balances. Some of the advantages of the Paxos Standard ERC-20 token are listed below:
An open network enables use-cases impossible on a closed network
The crypto-asset space is early in maturation, and initial use cases for PAX will be distinct from future use cases.
Today, Paxos Standard can be used to limit exposure to crypto-asset volatility, to remove cross-border transaction fees and to move between crypto-assets with ease or as payment for other blockchain-based assets.
In the future, Paxos Standard can be used for consumer payments, offering a stable store of value for those outside the United States that face currencies with unpredictable volatility. If this is your first time purchasing PAX to your wallet (Ex: MyEtherWallet, MetaMask), ensure you have added the Paxos Standard token address.
Customer funds are held in segregated accounts at FDIC-insured, U.S.-domiciled banks.
* Forex Rating accepts no liability for any errors in the Paxos Standard Price or PAX Information. For the most recent information please visit the Paxos Standard official site.
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