Sunday February 28, 2021
Bitcoin (BTC) $45,438.00   Ether (ETH) $1,379.13
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Blockchain Assets

Multi-chain project Ontology launching support for Paxos (PAX) stablecoin

Published by CryptoNinjas.net
04/28/2019
Multi-chain project Ontology launching support for Paxos (PAX) stablecoin

On Friday of this week, Ontology, a public blockchain project, and a distributed trust collaboration platform, announced its plans to launch Paxos Standard (PAX) a regulated USD stablecoin, on the Ontology blockchain. With this news, Ontology will work to explore application scenarios on Defi (Decentralized Finance, another Ontology partner project) beyond exchanges and are expected to launch the PAX token on Ontology in May.

Based on Ontology’s OEP-4 token standard, the token (PAXO) will continue to use PAX as its ticker. PAX will enable atomic swaps between the Ontology-based main blockchain and blockchain network and make it easier for individuals and institutional partners to do business pegged to fiat in the Ontology ecosystem.

PAX was launched on September 10, 2018, with the approval of the New York State Department of Financial Services (NYDFS). It is the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges, making it a stable “digital dollar” unlike Tether, which cannot guarantee its token is always worth $1. All the deposits in USD are kept in independent accounts of FDIC insured banks registered in the US to ensure the safety of PAX tokens. Monthly audits of PAX are done by top US audit firms to ensure the amount of USD in the accounts is consistent with the PAX in circulation.

Since the release of the Ontology MainNet in June 2018, much progress has been made in scaling up and realizing business applications. Ontology also boasts rapid product iteration, community growth, and offers a customized and intuitive development platform for blockchain developers.

“We are pleased to announce that the Ontology Foundation has chosen PAX as the stablecoin to launch on their chain, and we believe we can offer more business application scenarios for Ontology. This news shows how PAX can continue to meet the ever-changing needs of digital asset communities and Paxos’ dedication to advancing innovation in virtual currencies”.

Rich Teo, Co-Founder and Head of Asia for Paxos Trust

“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”

Andy Ji, Co-Founder of Ontology

Instantly Create & Redeem Paxos Standard (PAX)

Earlier in the week, the Paxos team also reported that users will soon be able to deposit USD and instantly send it out as PAX – and vice versa.

The team said, “We first introduced PAX last year knowing it was critical to give traders the ability to redeem a stablecoin anytime 1:1 for US dollars. This would be the ultimate sign that all reserves are fully-backed, reliable and accessible anytime. So we pioneered same-day redemptions with no minimums, maximums or fees. Over time, we made redemptions easier and easier, adding processing windows throughout the day.”

9
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Paxos adopts Chainlink oracles to further adoption of PAX and PAXG tokens
Strategic Integration

Paxos adopts Chainlink oracles to further adoption of PAX and PAXG tokens

01/14/2021
Blockchain infrastructure firm Paxos raises $142M in Series C round
Capital Raising

Blockchain infrastructure firm Paxos raises $142M in Series C round

12/17/2020
Ontology starts crypto liquidity pool on Wing to offer credit-based loans
Networks & Protocols

Ontology starts crypto liquidity pool on Wing to offer credit-based loans

12/10/2020
Ontology, Neo, and Switcheo introduce new interoperability network
Networks & Protocols

Ontology, Neo, and Switcheo introduce new interoperability network

08/18/2020
Ontology releases new decentralized ID solution for DeFi
Networks & Protocols

Ontology releases new decentralized ID solution for DeFi

08/11/2020
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Glow programming language brings smart contract simplicity to Cardano

Glow programming language brings smart contract simplicity to Cardano

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Anchorage raises $80M Series C, led by GIC, Singapore's sovereign wealth fund

Anchorage raises $80M Series C, led by GIC, Singapore’s sovereign wealth fund

02/25/2021
Tendermint invests in Tgrade to bolster Cosmos' growing DeFi ecosystem

Tendermint invests in Tgrade to bolster Cosmos’ growing DeFi ecosystem

02/24/2021
Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

02/27/2021
SmartKey to integrate with GeoDB to build the blockchain-based data ecosystem

SmartKey to integrate with GeoDB to develop blockchain-based data ecosystem

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
Bitcoin exchange Xcoins receives In-Principle Approval for Malta's VFA license

Bitcoin exchange Xcoins receives In-Principle Approval for Malta’s VFA license

02/26/2021
Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

02/26/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version