Paxos Integrates With BitPay Payments System For Global Crypto Settlements

Innovation, News | November 25, 2018 By:

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 a stable cryptocurrency that is backed 1:1 with the US 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, as a qualified custodian and fiduciary of customer funds, 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.”

Launched on September 10, 2018, 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,  and ethereum, among others. PAX has daily trading volume upwards of $70,000,000 USD.