Crypto Payment Processor BitPay Adds Support For Paxos Dollar-Backed Stablecoin

Blockchain, News | November 21, 2018 By:

Blockchain payments firm BitPay has added Paxos Standard Token (PAX) as an option for settlement.

Founded in 2011, BitPay is a crypto payment processor with a customer base of 20,000 businesses globally. Its suite of products enables businesses to send and receive cross border payments, and enables consumers to manage digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa Card. Earlier this year, the company has been granted a BitLicense by the New York Department of Financial Services (NYDFS).

PAX is an ethereum blockchain-based stablecoin created by New York–based blockchain startup Paxos. The stablecoin, which was approved for issuance by the NYDFS, is backed 1:1 with the US dollar and offers a liquid, digital alternative to cash that is available 24/7 for instantaneous transaction settlement and is fully redeemable. PAX has achieved the fastest and largest global adoption as the first regulated stablecoin, with daily trading volume upwards of $70,000,000.

The addition of PAX means Bitpay merchants can now receive their settlement payments in a stable cryptocurrency. Paxos claims that this new settlement option is particularly valuable for overseas businesses that have limited access to a currency as stable as the US dollar.

“We are thrilled to partner with BitPay to enhance the cryptocurrency ecosystem,” said Charles Cascarilla, CEO and co-founder of Paxos. “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. This new partnership allows merchants to settle seamlessly into a digital asset they can use globally, actualizing the promise of cryptocurrencies.”

Stephen Pair, co-founder and CEO, BitPay, said that his company 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 Pair. “Paxos shares our vision to empower businesses across the globe to secure payments that are fast and stable.”