The recent BitPay-Paxos collaboration is good news to customers who have been looking for more venues to use crypto and enjoy the stability of fiat.
The Paxos Standard Token (PAX) is now integrated by BitPay, providing customers the option to pay using cryptocurrency via the existing system.
With the BitPay-Paxos collaboration, cryptocurrency adoption takes another significant leap. PAX is distinct in that is the first token that comes directly from a Trust company fully regulated by the government. The cryptocurrency is backed 1:1 with the U.S. Dollar. Additionally, customers who have deposits with Paxos have the security of their funds being held in FDIC-insured American banks.
“We are excited that PAX is already taking that first step towards broader usage outside the world of crypto trading. As PAX becomes more commonly used, more and more people are gaining access to a stable currency they can use to save, to conduct commerce, and to participate in a global economy that moves in real-time,” says Dorothy Chang, Paxos VP of marketing and communications.
From BitPay’s end, co-founder and CEO Stephen Pair says they are “fully committed to transforming the financial industry through blockchain technology. We are furthering this mission by allowing our customers around the world to receive fast and low cost settlement using the USD backed Paxos Standard token. Paxos shares our vision to empower businesses across the globe to secure payments that are fast and stable.”