Over the last year, we’ve dedicated a lot of resources to building a unified custody platform for all of our customers. We’re pleased to announce our biggest improvement yet – unifying Paxos Wallet and itBit Wallet accounts. On April 18, customers will have one central account-management page where they can easily oversee their balances and funding activity for currency, crypto and gold. This page can be used to manage funding, withdrawals, transfers, purchases and itBit trading.
This will improve every customer’s experience as all account information and assets will be viewable on one screen. Critical functions that customers rely on to power their businesses will be faster and easier. Upon login to Paxos, customers will see their new unified accounts that display both wallet and exchange funds as one account balance, which can be used seamlessly throughout the platform.
Take a glimpse at what the new Paxos interface will soon look like:
A Few More Updates…
- One Easy Deposit Flow for all Funding: All deposits and withdrawals for Paxos powered products will be managed through the new Paxos account dashboard, which is new for itBit users. As of April 18, all customers should use the Paxos Wallet wire instructions to deposit dollars. Those instructions can be found on the Paxos Dashboard by clicking the Deposit button, then selecting USD.
- All deposits and withdrawals will run much faster – almost instantaneously: All funding functionality will move at the speed of the Paxos Wallet. That means itBit customers will have automated processing for Silvergate Exchange Network (SEN) deposits and withdrawals. Wire withdrawal speed will be improved as well via Paxos Wallet’s integration with the Silvergate Payments API.
- Profiles for Custody, Settlement and Trading: Customers using the Paxos APIs can build unique custody and settlement solutions on top of our unified wallet profiles functionality. All assets that Paxos supports can now be custodied in a single profile, making it faster and easier for platform partners to build unique solutions for their customers. Customers on the user interface will now have the opportunity to utilize wallet profiles for itBit trading. This allows for easier funds management. All of the wallets that customers created on the itBit platform, along with their corresponding balances, will be carried over and available as ‘Profiles’ in the Paxos wallet.
- Business as Usual for FIX and REST API users: Institutional customers trading with itBit via FIX and REST APIs will not experience any disruption, but will now be able to fund their accounts much faster with Paxos Wallet capabilities – no need to transfer between the itBit and Paxos Wallets as SEN can be used for direct funding or withdrawing from their unified platform balance.
At Paxos, we’re building market infrastructure for an open financial system. Our unified Paxos Wallet and itBit wallet interface make it easier for people to seamlessly move currency, crypto and gold. A regulated platform with this functionality has never existed before and we’re pleased to be the first to introduce this to customers.
Paxos custody is the core of our regulatory and technology platform. With this release, the Paxos platform enables customers to deposit, withdraw, transfer and trade across currency, crypto and commodities asset classes. In the near future, we plan to combine all this functionality into a new set of APIs and a significantly improved developer experience. The Paxos Wallet will include even more asset types, more functionality, integration with external trading venues and we will power even more platforms used by millions of people around the world.