What is PAX?
Paxos Standard (PAX) is the first digital asset in the world to be regulated. PAX Tokens are pegged to the dollar in a 1:1 ratio. The regulation by the New York Department of Financial Services gives PAX the upper hand over other stablecoins pegged on the dollar.
More importantly, PAX is an ERC20 standard token based on the Ethereum blockchain and is more transparent. Due to its open source nature, PAX also disclosed its results of its smart contract review. The official said the result was “no security issues.”
Paxos Trust Company, the full name of Paxos Trust Company, was established in 2012. It is a nickname for the itBit Trust Company. It is engaged in cryptocurrency asset trading and custody services. It has an exchange itBit and its parent company Kabompo Holdings.
Paxos, founded in New York, has the largest selling point for its stable currency, which is regulated by the New York State Department of Financial Services and has BitLicense; it is issued by financial institutions and is fully priced in US dollars.