Crypto payment processor BitPay adds support for Paxos stablecoin ‘PAX’

Crypto payment processor BitPay has partnered with Paxos and has integrated Paxos Standard token (PAX) as a settlement option for its merchants.

Paxos is a qualified custodian and fiduciary of customer funds, holds customer deposits in FDIC-insured U.S. banks.

In September, the New York State Department of Financial Services (NYDFS) authorized Paxos Trust Company to offer Paxos Standard – a stablecoin pegged to the U. S. dollar. Launched on September 10, 2018, PAX is a regulated crypto asset, fully collateralized 1:1 by the U.S. dollar.

"BitPay is 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," said Stephen Pair, co-founder and CEO, BitPay.

In its official release, Paxos said that PAX, which has all of the functionality, sustainability and regulation of a reliable currency, has achieved the fastest and largest global adoption as the first regulated stablecoin, with daily trading volume upwards of $70,000,000. This new settlement option, facilitated via BitPay, is particularly valuable for overseas businesses that have limited access to a currency as stable as the U.S. dollar, Paxos said in an online post.

Charles Cascarilla, CEO and co-founder of Paxos, said that the partnership with BitPay will enable merchants to settle seamlessly into a digital asset they can use globally, actualizing the promise of cryptocurrencies.

"Paxos Standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators," he said.