itBit Now Offers ETH Trading – and ZERO Trading Fees in December

Posted on December 7, 2018 by - Press, Repository Blog, Uncategorized

We’re happy to announce that itBit customers can now start trading Ethereum (ETH) through the itBit exchange, both at itbit.com and via our FIX & REST APIs. ETH is now available for trading against all other fiat currencies currently listed on the exchange: USD, EUR and SGD. This is the first time we have added a new crypto asset since itBit first went live, and we will soon be adding more.

Finally! Why now?

Until today, bitcoin was the only crypto asset available for trading. Though admittedly limited in scope, we make up for it in volume, with itBit maintaining a position in the top 3 exchanges by volume trading BTC:USD. We believe that we have sustained high volumes because our customers value our compliant, above board and transparent approach to doing business; since the beginning, we have always believed in meeting the highest levels of regulation and customer protections. This is why we pioneered the approach to becoming a Trust company as a blockchain company, and were the first to do so.

This year, two important things happened. First, we received regulatory approval from the New York State Department of Financial Services to offer trading services for more currencies beyond bitcoin (namely BCH, ETH, LTC & XLM). Secondly, we made a major upgrade to our technology and systems to make it easier to be able to add new assets easily. This was a much needed change and required a huge overhaul because when we first built itBit, there was literally only one cryptocurrency, bitcoin, and no real expectation that we would need to be able to add others in the future.

Even Better News: No Fees for Everyone

Better yet, all of our customers will pay ZERO fees for ETH trades on the itBit exchange for the entire month of December. We’re so excited ETH is finally here and we want to make it easy for you to make the smart choice of trading ETH on itBit. Whether you are a loyal customer or a brand new one, your ETH trades will have zero transaction fees.

And how do I use PAX on itBit?

Ah yes, many people have been asking why PAX isn’t listed on itBit, even though they both come from the same company, Paxos. It’s true, PAX is not listed separately because we consider it to be equivalent to the dollar; we always offer it 1:1 to USD on www.paxos.com/standard, so we don’t have separate markets listed for PAX. However, you can withdraw your cash to PAX instead of USD, so you have the flexibility of no-fee withdrawals to PAX.

==

Trade ETH today with zero fees at itBit.com!

Paxos to Partner with Bitpay, Global Bitcoin Payment Service

Posted on November 20, 2018 by - Press, Repository Blog

We are excited to announce that the Paxos Standard token (PAX) is now a settlement option for BitPay merchants around the world. BitPay is the first and most experienced company in bitcoin payments and we’re thrilled they have chosen PAX to incorporate into their merchant-facing product. BitPay merchants and businesses now have the option to receive settlements in PAX, the digital equivalent to the US dollar.

With our partnership, Bitpay and Paxos are giving business owners the speed and accessibility of cryptocurrencies combined with the trust and stability of the US dollar. This new settlement option is particularly valuable for overseas businesses that have limited access to a currency as stable as the U.S. dollar.

Paxos Standard is the first digital asset to be approved and overseen by a regulator. Merchants can be confident with PAX knowing that every coin in circulation is backed by a U.S. dollar held in an FDIC-insured bank.

Our team has worked hard to create the most trusted stablecoin in the market. Within just two months of launch, PAX has already become the most traded stablecoin that is backed 1:1 by the dollar. This integration with BitPay marks the start of PAX usage in real-world commerce, with much more to come!

Paxos Standard™ Quickly Achieves Global Adoption By Over 20 Top Crypto Exchanges And OTC Desks

Posted on October 15, 2018 by - Press

NEW YORK, Oct. 15, 2018 /PRNewswire/

Paxos® today announced that the Paxos Standard™ token (ticker symbol PAX) has achieved the fastest, widest institutional adoption of any digital asset, with support from over 20 top global exchanges and OTC desks within one month since its launch. Six of the top ten crypto exchanges, Binance, OKEx, Gate.io, ZB, KuCoin and DigiFinex have already listed Paxos Standard. Additional exchanges that currently list PAX or plan to very soon include, amongst others, OKCoin and itBit. Serving markets around the globe, these exchanges will accept PAX deposits and list various trading pairs of PAX against bitcoin, ethereum, tether and other crypto assets. Offering PAX allows traders the option to cash out their holdings into a digital asset that is denominated and collateralized by U.S. dollars.

“We’re overwhelmed by the positive response from around the globe and are thrilled to see Paxos Standard quickly become the stablecoin of choice by active crypto traders,” said Paxos CEO & Co-Founder Charles Cascarilla. “We look forward to seeing even greater adoption of Paxos Standard as the industry sees the benefit of a regulated, dollar-denominated asset that can settle trades instantaneously.”

Additionally, numerous Over-the-Counter (OTC) trading and market-making firms including SFOX, XBTO, Cumberland, Hudson River Trading, Galaxy Digital, FBG Capital, Two Rivers, Alameda Research, OSL, DV Chain and QCP Capital are ready to support large trades from sophisticated investors.

“Paxos Standard is a stablecoin done the right way,” said SFOX CEO Akbar Thobhani. “It has quickly become our stablecoin of choice because it offers immediate transaction settlement in a trusted way.”

Fast adoption from these institutions shows that there is strong global demand for a regulated, USD-backed stablecoin that traders can trust. Since launch, Paxos has issued over $36 million PAX in exchange for dollar deposits, and is now supported by most large crypto wallets.

“As we continue to innovate in the field of digital currencies trading, we are eager to work with and support Paxos on this new initiative. The impressive depth of crypto markets expertise demonstrated by their leadership team provides comfort for users of stable coins worldwide,” said Philippe Bekhazi, CEO of The XBTO Group.

Launched on September 10, 2018, Paxos Standard is the first digital asset issued directly by a financial institution and the first to be approved and overseen by a government regulator (the New York State Department of Financial Services). PAX can always be purchased or redeemed 1:1 with USD by verified customers at Paxos.com or can be traded via other global markets against other currencies. Traders who use the Paxos digital asset exchange, itBit, also have the option to withdraw their USD as PAX for faster settlement with no fees. Anyone with an Ethereum wallet (that supports ERC-20 tokens) can send or receive PAX.

The entire supply of PAX is collateralized by USD in dedicated omnibus cash accounts at FDIC-insured U.S. banks. Paxos has engaged Withum, a nationally top-ranking auditing firm, to independently verify on a monthly basis that the entire supply of Paxos Standard tokens is consistent with USD in reserve accounts at U.S. banks held and managed by Paxos. All monthly attestations are available publicly.

For additional information and to buy PAX, go to www.paxos.com/standard. For business development opportunities, email pax@paxos.com. To download the white paper and read more about Paxos Standard, please visit https://standard.paxos.com/whitepaper.pdf.

Binance lists Paxos Standard token (PAX)

Posted on September 21, 2018 by - Press

We are excited to share that Binance, currently the world’s largest crypto exchange by trading volume, has announced it will list our Paxos Standard token (ticker symbol PAX). The announcement of the listing of PAX on Binance signifies a growing and immediate demand for a regulated stablecoin.

Paxos issues and redeems PAX tokens one-to-one against U.S. dollars, giving holders a digital equivalent of the dollar that can be moved nearly instantly, 24/7. Stablecoins are attractive to active traders who can use it to cash out of digital assets more quickly than if they were to convert to dollars. By using PAX, traders can be confident that they are using a coin that is regulated and backed by U.S. dollars held at U.S.-domiciled FDIC-insured banks. Paxos Standard, regulated by the New York State Department of Financial Services, is the first digital asset to be approved and overseen by a regulator.

As Binance CEO Changpeng Zhao (CZ) alluded to earlier this week at Consensus Singapore, crypto-to-fiat trading is a major priority for his company. We are thrilled that Binance has chosen to use Paxos Standard as a point of entry. CZ went on to say: “Regulated stable coins serve as a perfect middle ground where regulators maintain a large degree of control, but the currency also offers far more freedom than traditional fiat for users. This is a big step in the right direction. We highly encourage and support regulated stable coins, and we applaud Paxos for moving the industry forward.”

“CZ and Binance have built a remarkable exchange that serves the largest global market of digital asset traders. We’re thrilled that they will now have access to Paxos Standard and all the stability, reliability and freedom of movement that it represents,” said Paxos CEO & Co-Founder Chad Cascarilla.

Find more information on Paxos Standard at: https://www.paxos.com/standard/

Legal Disclaimer:Digital assets involve a degree of risk. Currently, there is a relatively small use of crypto assets in the retail and commercial marketplace, and the regulatory landscape is complex and rapidly evolving. There are also technical risks associated with third-party blockchain exchanges and networks, for which Paxos is not responsible.

Paxos launches new stablecoin, Paxos Standard (PAX)

Posted on September 10, 2018 by - Press

Paxos today announced the launch of Paxos Standard™, the world’s first regulated crypto asset. The Paxos Standard token is fully collateralized 1:1 by the U.S. dollar, issued by the Paxos Trust Company, and approved and regulated by the New York State Department of Financial Services.

As a digital asset, Paxos Standard can move instantaneously anywhere in the world. Built on the Ethereum blockchain, it offers the benefits of crypto-assets such as immutability and decentralized accounting. Since it is fully collateralized by dollars, Paxos Standard offers a liquid, digital alternative to cash that is available 24/7 for instantaneous transaction settlement and is fully redeemable. As a Trust company, Paxos is a fiduciary and qualified custodian of customer funds, and can therefore offer greater protections for customer assets than any other existing stablecoin. Dollar deposits are always held in segregated accounts at multiple FDIC-insured U.S.-domiciled banks.

“Paxos Standard gives financial markets the power to transact in a fully USD-collateralized asset with the benefits of blockchain technology and oversight from financial regulators,” said Charles Cascarilla, CEO and co-founder of Paxos. “We believe that Paxos Standard represents a significant advancement in digital assets, leveraging the oversight and stability of the traditional financial system and enabling a frictionless global economy.”

Verified Paxos customers can purchase and redeem tokens directly through Paxos.com on a 1:1 basis with USD. When Paxos Standard tokens are in circulation, the corresponding dollars are held in reserve. Upon redemption for dollars, Paxos Standard tokens are immediately destroyed. Tokens are only in circulation when the corresponding dollars are in custody.

Investors who trade digital assets through the itBit exchange or OTC desk have the option to withdraw digital assets to Paxos Standard instantaneously. Paxos Standard is available to be listed on other venues and will trade under the ticker symbol PAX™.

Paxos Standard has been designed as an Ethereum token written according to the ERC-20 protocol, so that anyone with an Ethereum wallet will be able to send and receive Paxos Standard tokens. The smart contract has been audited by smart contract auditor Nomic Labs and account balances will be audited by top U.S. auditors.

Paxos has long been a partner to institutional investors, focused on financial compliance since its genesis as the first NYDFS-approved Trust company to offer trading and custody services for digital assets through its exchange, itBit, one of the leading crypto asset exchanges.

“In the current marketplace, the biggest hindrances to digital asset adoption are trust and volatility. As a regulated Trust with a 1:1 dollar-collateralized stablecoin, we believe we are offering an asset that improves on the utility of money,” added Cascarilla.

Paxos today has also published a white paper explaining product construction and design decisions for Paxos Standard. To download the paper and read more about Paxos Standard, please visit https://standard.paxos.com/whitepaper.pdf.

For additional information and to buy PAX, go to www.paxos.com/standard. For business development opportunities, email pax@paxos.com.

Paxos Continues Growth of Modern Settlement Platform with $65M Series B Funding

Posted on May 31, 2018 by - Press

Funding to further Paxos dramatically helping financial institutions reduce settlement risk 

New York, NY – May 31, 2018 – Paxos, a financial technology company and the first blockchain-powered trust, has closed a $65 million Series B round of financing. The round is led by a consortium of existing investors including Liberty City Ventures, RRE Ventures, Jay Jordan and others. Paxos has raised a total of $93 million in capital. The company is using the new resources to significantly scale operations and further the delivery of modern day settlement solutions to the global capital markets.

“It is a crucial time in the financial markets. We are at an inflection point to reduce the risk in our financial system and free capital trapped by an archaic settlement system,” said Charles Cascarilla, CEO of Paxos. “Over the past three years, we have focused on building the right infrastructure to enable a modern-day settlement solution that will unlock capital, mobilize assets and create value.”

“This additional funding will further our goals to eliminate settlement risk and expand our product offerings across geographies,” added Andrew Chang, COO of Paxos. “We are continuing to invest in expanding our platform that simplifies our financial infrastructure, offers greater control and lays the foundation for the future.”

Paxos Continues to Further Finance and Develop New Settlement Approach

  • Increased Client Adoption – Paxos continues to attract client adoption of its settlement platform both in the equities and precious metals market through its technology. This marks the first time blockchain technology is being deployed on a mainstream and real-time scale with many financial institutions and market participants who are leveraging it for their settlement needs.

 

  • Unique Offerings – Currently, Paxos enables the precious metals and securities asset classes. As the first blockchain-powered trust, Paxos is the only company that can both digitize an asset and settle a trade. This regulated trust status is an essential capability to reduce risk in the system and evolve financial infrastructure.

 

About Paxos

Paxos is a financial technology company and the world’s first blockchain-powered trust. As a modern-day settlement platform, the company’s mission is to unlock capital and create value through products that simplify settlement and eliminate risk.

DFS Continues to Support New York FinTech

Posted on May 17, 2018 by - Press

Paxos Trust Company LLC, an Existing DFS Licensee, is Now Authorized to Offer Bankchain Precious Metals Platform

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services has authorized Paxos Trust Company LLC, formerly known as itBit Trust Company, to offer a permissioned, blockchain-based post-trade platform settlement service called Bankchain, and has granted a virtual currency license to Genesis Global Trading, Inc.

“New York continues to lead the nation in regulating the growing fintech industry,” said Financial Services Superintendent Vullo. “These approvals demonstrate DFS’s commitment to protecting consumers and the virtual currency market while encouraging innovation, such as the expanded use of blockchain, and providing strong regulatory oversight to new and existing market participants.”

Paxos Trust Company, a subsidiary of Kabompo Holdings Ltd., offers the Bankchain Precious Metals post-trade platform settlement service, which facilitates settlement among buyers in the “Loco London” market of gold bullion physically held in vaults recognized by the London Bullion Market Association. As itBit, Paxos was the first virtual currency company to receive a charter from DFS. The company’s plans to expand its business to include other services besides the bitcoin exchange were included as part of its charter application.

“This is a very exciting approval and we thank the DFS and Superintendent Vullo,” said Charles Cascarilla, CEO of Paxos.  “We are focused on building the best infrastructure to enable a modern day settlement solution for the precious metals market that will unlock capital, mobilize assets and create value.”