Last Updated: 28/08/2022
Official Website: https://paxos.com/
"The infrastructure Paxos is building is potentially transformative for fields beyond cryptocurreny"
A flat-collateralized stablecoin, Pax Dollar was established in September of 2018. Stablecoins are digital currencies that are intended to have as little price volatility as possible in relation to a certain stable asset or a basket of assets.
Pax Dollar has the benefit of minimizing price risk while transacting with blockchain assets. The Pax Dollar tokens (USDP) are issued on the Ethereum blockchain as ERC-20 tokens and are 1:1 collateralized by the USD stored in US bank accounts owned by Paxos.
It is also the one of three stablecoins approved by Wall Street regulators, alongside GUSD and BUSD.
By developing a seamless worldwide network, Pax Dollar aims to benefit the greater financial ecosystem. All digital assets can be easily mobilized in this environment, with a high degree of adaptability and accessibility. The vision of Paxos is a world in which commodities, securities, and digital assets may all be moved instantly and anyplace.
Paxos's CEO and co-founder is Charles Cascarilla. In addition, he is a partner in Liberty City Ventures and a founding member of the Association for Digital Asset Markets (ADAM) board of directors. His previous positions include portfolio manager at Claiborne Capital Management, financial analyst at Goldman Sachs, and analyst at the Bank of America. He also co-founded and is a partner at Cedar Hill Capital Partners.
The second co-founder of Paxos is named Rich Teo. Prior to that, he was employed by Cedar Hill Capital Partners as a principal and senior analyst. He was a combat signaller for the Singapore Armed Forces as well as a financial analyst at Citi.
Board members include:
USDP is a ERC-20 token on Ethereum, which means that it can be stored in any wallet compatible with Ethereum-based ERC-20 tokens.
One option to store Pax Dollar (USDP) is Exodus. It is free and easy to use and can be downloaded to either a desktop or mobile device. Exodus will then be tied to whichever device it has been downloaded to which will also be the device you will use to access and manage your crypto assets.
Similarly, a user-friendly option to keep your $USDP secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting to your MetaMask wallet.
On the other hand, if you are looking for a secure offline method to store your $UDSP tokens we recommend the leading hardware providers Ledger and Trezor.
Always do your homework and due diligence on any wallet service you are considering, and always back up your wallet.
You can Buy & Sell Pax Dollar (USDP) here at BC Bitcoin. Our customers effortlessly Buy USDP by heading over to the Buy Coins page of our website. $USDP is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. By simply placing your order and providing your wallet address, coins will be sent straight to your wallet after the payment.
If you would like to sell Pax Dollar (USDP) you can transfer the coins to us and get paid to your bank account immediately. The Sell Coins page has further information and a live valuation.
Block Explorer: https://etherscan.io/token/
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.