Paxos standard token overviewColin Baseman
The Paxos Standard Token asset became the first cryptocurrency to have regulation. It is provided by the New York City Department of financial services (NYDFS). The platform allows you to carry out financial transactions instantly. The cost is minimal as well. At the same time, the company fully protects its clients' assets.
Goals that can be achieved with Paxos Standard Token
With the help of this stablecoin, you can trade on the internal Paxos platform, as well as on other crypto-exchanges. Combining the features of trust fund and the distribution ledger allows reducing financial transactions risks. We recommend to read "Tokenization" article to learn more about the various tokens role and meaning.
Paxos Standard Token offers the following opportunities:
- Risk reduction due to lowering the number of counterparties
- Transactions executed in cryptocurrency in USD equivalent
- 24/7 operations, no reference to banks business hours
- An option to open a dedicated manager-account if purchasing $ 100,000 and more
- Instant assets movement; options to convert digital money into fiat and vice versa.
- Minimum fees
- Efficient international transactions
Key features of the project
The transaction confirmations are free, simple and automated. It reduces calculation risks and widens the trading operations possibilities. When performing transactions, the user receives an auto-confirmation in trading system language.
Transactions are executed in various formats, including API, FTP and SWIFT. Confirmation can be done by e-mail. The Paxos platform adjusts itself to the user's information.
Paxos Token advantages
The main company’s benefit is the United States Department of financial services regulation. In addition, it is a trust organization. The platform and its internal token have undeniable advantages:
- Work stability
- Strict reference to dollar value: 1 PAX = 1 dollar
- The minimum conversion is $ 100, there are no redemption fees
- All customers’ funds are insured in FDIC American banks
- 24/7 customer support with no holidays or weekends
- PAX Transactions; no commissions and transfer fees for exchanging to other coins or fiat money
- Using the Ethereum blockchain
- Monthly audits by Withum
By the time of writing this article, all planned audits have been successfully conducted and no vulnerabilities or problems have been identified.
Paxos Standard Token’s government regulation with the brand history dispel many investors’ concerns. The payment platform is easy to use and transactions are carried out quickly. That is why many crypto enthusiasts are not afraid of investing in Paxos. By browsing our portal you will find lots of articles telling the best ways of investing in cryptocurrency, as well as reducing the risks and increasing chances of succeeding. We will keep you updated regarding the major events of digital money world.
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