On November 27, 2018 – Paxos announced that the Paxos Standard token (PAX) will be added as a base currency on the world’s largest crypto exchange, Binance.
Charles Cascarilla, Paxos co-founder and CEO said, “Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a regulated and transparent stablecoin they can trust. Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”
Paxos Standard’s market cap has a circulating supply exceeding $140 million and has continued to grow on a daily basis since its launch on September 10. It is the first digital asset issued by a financial institution and fully backed by USD.
“We added PAX as a stablecoin base pair because we believe it will help to increase overall liquidity of the crypto market,” said Changpeng Zhao, CEO of Binance. “More trading pairs will be added soon.” PAX is backed 1:1 by US dollars held in FDIC-insured US banks, and a major auditing firm regularly ensures that these bank balances and token balances are consistent through monthly attestations. It was launched in 2012. 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.
Paxos is building a future where all assets—from money to commodities to securities—will be digitized and can move instantaneously 24/7 and is also on a mission to modernize finance by mobilizing assets at the speed of the internet where settlement risk will cease to exist. As it stands today, Paxos is the first regulated Trust company with blockchain expertise and is uniquely positioned to mobilize and custody assets digitally.
Binance is the leading global cryptocurrency exchange, with users from over 180 countries and regions across the globe. The exchange is capable of processing more than 1.4 million orders per second, earning it the title of being the largest crypto exchange by trade volume. The platform focuses on security, robustness, and execution speed and attracts enthusiasts and professional traders. Binance is a blockchain ecosystem comprised of Blockchain Charity Foundation, Exchange, Research, Labs, Info, Launchpad, Trust Wallet, and Academy.