What Is Paxos Standard Token?

What is Paxos Standard Token (PAX)?

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 (PAX) 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 Paxos Standard Token (PAX)?

1. 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.
2. Transparency
   
   Each month Paxos Trust Company makes audits of reserves and publishes it on the web site.
3. Comfort
   
   Pax provides stability of the platform and absence of conversion fees 24/7.

What are the disadvantages of Paxos Standard Token (PAX)?

1. Youth of the project
2. Not unique

How to exchange crypto on SimpleSwap?

Now you know a little more about the Paxos project. If you want to continue your immersion in the Crypto World and buy some cryptocurrencies, you can use SimpleSwap by following the simple instructions below:

1. For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
2. Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.