Join Our Mailing List
Saturday June 10, 2023
Bitcoin (BTC) $25,972.96   Ethereum (ETH) $1,757.87
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
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.”

39
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Brazil payment app PicPay launches new crypto exchange service with Paxos technology

08/10/2022
Brazil payment app PicPay launches new crypto exchange service with Paxos technology

PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which...

Read more

Paxos introduces financial advisor crypto trading for broker-dealers

06/07/2022
Paxos introduces service enabling companies to integrate crypto buying and selling

Paxos, a regulated blockchain infrastructure and crypto exchange platform, has today announced the launch of financial advisor crypto trading within Paxos Crypto Brokerage. The new functionality allows broker-dealers to provide a comprehensive wealth management...

Read more

Ontology releases Ethereum Virtual Machine alongside $10M developer fund

03/01/2022
Ontology releases Ethereum Virtual Machine alongside $10M developer fund

Ontology, a blockchain network focused on decentralized identity and data solutions, today announced the release of its Ethereum Virtual Machine (EVM). Connecting Ontology and EVM-based ecosystems will increase cross-chain interoperability, allowing EVM-based blockchain developers...

Read more

LATAM payment app MercadaPago to offer users bitcoin exchange and more via Paxos

12/02/2021
LATAM payment app MercadaPago to offer users bitcoin exchange and more via Paxos

Paxos, a crypto services platform, announced today that MercadoPago, the financial services arm of LATAM market portal MercadoLibre, will offer its Brazilian customers the opportunity to buy, sell and hold Bitcoin, Ethereum, and the...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
What is DeFi Returns?  A new way of DeFi Investing

What is DeFi Returns? A new way of DeFi Investing

06/08/2023
A Beginner’s Guide To Forex Demo Account

A Beginner’s Guide To Forex Demo Account

06/07/2023
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
RockX broadens suite with launch of new ether (ETH) native staking solution

RockX broadens suite with launch of new ether (ETH) native staking solution

05/23/2023
What is DeFi Returns?  A new way of DeFi Investing

What is DeFi Returns? A new way of DeFi Investing

06/08/2023
RockX broadens suite with launch of new ether (ETH) native staking solution

RockX broadens suite with launch of new ether (ETH) native staking solution

05/23/2023
The Sandbox teams with Hex Trust to enable licensed and secure custody of its virtual assets

The Sandbox teams with Hex Trust for licensed, secure custody of its virtual assets

05/10/2023
CoinFlip launches new self-custodial cryptocurrency wallet platform 'Olliv'

CoinFlip launches new self-custodial cryptocurrency wallet platform ‘Olliv’

04/28/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 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
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy