By Scott Simpson, VP of Strategic Partnerships
At Paxos, we’re building technology that will allow any asset to live and move on any blockchain. We believe we can create a frictionless, global economy; one that is fundamentally different from how the financial system operates today. A key piece of this is the Paxos Standard (PAX) stablecoin that pairs the reliability of USD with the ease and speed of blockchain technology.
To bring these benefits to people today, we’re forging partnerships that allow customers to use PAX more readily in their daily lives. Take a look at how you can use PAX today and empower your financial future with our new partners.
Payment Systems & Wallets
Today, one of the biggest use cases of PAX is creating and sending it to people around the world as a stable store of value. More and more, we’re creating opportunities for people to integrate PAX into their payment systems habits. Now, PAX holders that also use Spend can use PAX to transact with merchants, convert currencies or even transfer funds worldwide. Using PAX on the Spend App or on the Spend Visa card, banked and unbanked people alike can gain greater control of their financial lives. Similarly, customers in Asia can use their PAX to transact by using Crypto.com’s wallet app.
If you prefer to pre-pay, with Bidali, you can use PAX to get prepaid gift cards that can be used to buy products from some of the world’s best brands. And in a new use case, through our partnership with Bleumi, customers can simplify their invoicing experience by leveraging PAX to pay external parties. Or, customers can now use PAX via Bleumi to pay employees around the world quickly and easily. Additionally, you can now store, send and receive PAX on your Kcash or Portal wallets. In Asia specifically, PAX is now available on the CoinHako wallet, where customers can also buy and sell their digital assets.
Lending platforms for cryptos provide opportunities for you to borrow against your digital assets to gain access to lines of credit. Many of these platforms also offer additional services. We’ve extended our relationship with Nexo so that customers can now deposit PAX into the Nexo wallet and earn interest in PAX on their holdings. Then, with Nitrogen Network, you can earn interest by lending your crypto assets and borrow PAX to use across other platforms.
Many crypto holders use their funds on exchanges to gain economic benefit. While PAX is credited as USD on the itBit by Paxos exchange (we’ll always cash out PAX 1:1 with USD), PAX is available for trading on numerous other exchanges and is widely used as a fiat on-ramp for other cryptocurrencies. You can now also trade PAX on the Gibraltar Blockchain Exchange (GBX), LGO Markets, and ForDex.
Why This Matters
Since we launched PAX, we’ve been hard at work to introduce more and more ways people can benefit from what PAX has to offer. PAX is a global, borderless currency, and by forming partnerships with players across the financial sector, we can drive greater engagement with PAX. This PAX ecosystem is just the beginning of creating a digitized, global financial system – one with significantly less friction than exists today. We’re making incremental strides to drive impact and we see benefits available to everyone, everywhere. Partnerships provide a glimpse of what we’ve been working on – and we have many more exciting updates in the pipeline. Be on the lookout for more from Paxos and how you can use PAX as your digital dollar.