What is Paxos Standard Token (PAX)?
Paxos Standard Token is the first digital asset, which was produced by a financial entity (NYDFS) and supported by the U.S. dollar (1 PAX = 1 U.S. dollar). It was created as a new digital payment platform with a great ability of integration in any structure.
The current cryptocurrency is a classic ERC-20 token which was developed on the basis of another popular project Ethereum. It helped to decentralize the blockchain and improve the stability of crypto coins.
To sum up we can say that it is a crypto dollar approved by the government.
Where did Paxos Standard Token come from?
The Paxos Trust Company appeared in 2012. At the beginning of 2018, on the wave of hype around cryptocurrency technologies, the company’s management decided to create a personal blockchain project.
The crew of creators involves 8 people who prefer to conceal their future plans. The main idea is to make a bridge between a traditional financial system and digital economics of the future.
Paxos is a blockchain platform which contains the status of a regulated trust and the technologies of a distributed register DLT.
The creators’ team speaks about its blockchain platform very flatteringly. But in practice, there is nothing innovative. The main plus is that it is based on the legal financial institute.
What are the advantages of PAX?
- Legality and support by the government.
The activities are regulated by NYDFS and the American Committee of securities (SEC). The depositors’ money is stored on secured accounts and provided by the U.S. dollar.
Each month Paxos Trust Company makes audits of reserves and publishes it on the web site.
Pax provides stability of the platform and absence of conversion fees 24/7.
What are the disadvantages of PAX?
- Youth of the project.
- Not unique.
How to buy Paxos Standard Token?
If you would like to buy PAX you should open the SimpleSwap homepage and follow a short instruction below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select PAX in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Paxos Standard Tokens will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
Now you know how to get PAX. Thank you for your interest in the SimpleSwap service.