Paxos Reaches Among 20 Top Exchanges-On Monday, Paxos, a blockchain-oriented company regulated by the New York State Department of Financial Services (DFS) announced that the firm’s recently launched Paxos Standard(PAX) token had been listed on more than 20 cryptocurrency exchange and OTC desks in less than a month.
PAX is backed by the US dollar, has managed to be the fastest and widest adoption of a cryptocurrency in the current crypto market.
OKEx, world’s second top crypto exchange by market cap announced and added four new stablecoins to its platform for trading. The Hong Kong-based cryptocurrency exchange adds TrustToken’s TrueUSD (TUSD), Circle’s USDCoin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX) to its list.
Paxos Reaches Among 20 Top Exchanges-currently, Paxos’ stablecoin is listed on six of the top cryptocurrency exchange platforms which includes OKEx, Binance, Gate.io, KuCoin, ZB, and DigiFinex. Many other exchanges came forward to add this stablecoin very soon. The operators will add trading pairs of PAX against Bitcoin, Ethereum, USDT, and other cryptocurrencies.
These exchanges will accept PAX deposits. And also list various trading pairs of PAX against bitcoin, ethereum, tether, and other crypto assets. This enables the traders to cash out their holdings into a digital asset that is denominated by U.S. dollars.
“We’re overwhelmed by the positive response from around the globe and are thrilled to see Paxos Standard quickly become the stablecoin of choice by active crypto traders. We look forward to seeing even greater adoption of Paxos Standard. As the industry sees the benefit of a regulated, dollar-denominated asset that can settle trades instantaneously.”
– Paxos CEO & Co-Founder Charles Cascarilla.
Paxos has the support from several over-the-counter (OTC) trading desk providers. such as SFOX, XBTO, Galaxy Digital, Cumberland, Alameda Research, Hudson River Trading, FBG Capital, Two Rivers, OSL, DV Chain and QCP Capital. Similarly, Most of these trading services are aimed at institutional and accredited investors.
“Paxos Standard is a stablecoin done the right way. It has quickly become our stablecoin of choice because it offers immediate transaction settlement in a trusted way.”
-SFOX CEO Akbar Thobhani
Paxos standard is launched in September. It has used more than 36 million PAX tokens in exchange for US dollar deposits. This token can be stored in large digital wallets. PAX which is backed by USD stablecoin can be the better alternative to the popular Tether (USDT). PAX also complies with US regulations in its operations.