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

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.

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Trade ETH today with zero fees at itBit.com!

Binance Lists PAX as a Base Currency

We’re excited to share that Binance, the world’s largest crypto exchange, has now added the Paxos Standard (PAX) stablecoin as a base currency. PAX is the first regulated stablecoin to be a base currency on Binance, giving traders a trusted alternative to Tether (USDT).

What is a base currency and why does it matter?
A base currency is the currency we use to price other currencies. In the US, we use dollars daily, and think about the price of foreign goods in terms of dollars. And since it’s so stable and universally traded, the dollar is a global standard.

In cryptocurrencies, the primary base currency is usually bitcoin (BTC). However, it is difficult to think of prices in terms of BTC because it can be extremely volatile. If the price of a rare Cryptokitty was .5 BTC yesterday and .75 BTC today, we wouldn’t know if it’s because of the change in the price of the Cryptokitty or BTC.

But, if all crypto assets were priced in USD, we would have a clearer and immediate understanding of their value. That’s what PAX offers.

Most Stable Stablecoin, Fastest Redemptions
Now, you can see the prices of BTC, ETH, and other cryptocurrencies in PAX, so you’re essentially seeing their value in terms of USD. That’s because PAX is the most stable dollar-backed stablecoin there is. Additionally, verified customers can always redeem PAX 1:1 for US dollars directly from Paxos, same day, with zero fees.

Why is PAX the most trusted stablecoin?
PAX is backed 1:1 by US dollars held in FDIC-insured US banks, and a major auditing firm regularly ensures that these bank balances and token balances are consistent through monthly attestations. Paxos and PAX are both regulated by the New York State Department of Financial Services, so PAX operates under the highest regulatory regime and therefore greatest customer protections of any crypto asset.

Trade on Binance Today
Starting now, Binance customers can trade PAX for BNB, BTC, ETH, XRP, EOS and XLM, with additional base pairs coming in the future. Make sure to ask Binance if there’s a currency you’d like to see listed against PAX.

Visit Binance to start trading crypto priced in USD by using PAX today!

For more information, visit the Paxos Standard website.

Paxos to Partner with Bitpay, Global Bitcoin Payment Service

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!

Join Paxos at Consensus: Invest NYC (50% Off Discount Code)

Learn more about Paxos Standard (PAX) at Consensus: Invest

Like many of our partners and peers, we are counting down the days to the upcoming Consensus: Invest summit in New York City on November 27th!

We are proud to be sponsoring the conference this year, helping facilitate discussion and debate around the trends and opportunities shaping the fast-growing digital asset industry. At Invest, we’ll be showcasing our industry-leading stablecoin, Paxos Standard (PAX) and meeting with clients and partners.

And we’d love to see you there! We invite you to please use our discount code for 50% off the price of your ticket.

As Coindesk writes on the event’s site, “The event brings together institutional investors, family offices, hedge funds, asset allocators and service providers to underline the current sophistication of digital securities and commodities, as well as to offer forecasts on the evolution of these assets in 2019.”

To celebrate the industry’s biggest summit, we’re also running a special promotion for new users, open to all Invest attendees:

  • $75 in PAX
  • 30 days of free OTC trading through itBit
  • 30 days of free trading on the itBit exchange for new itBit accounts

See full promotion details and buy PAX at paxos.com/standard.

We look forward to seeing you at Consensus: Invest later this month!

Paxos Standard (PAX) crosses $100M

 

Today, we are excited to announce that the Paxos Standard token (PAX) has passed the $100 million mark since its launch one month ago. PAX are issued 1:1 to the US dollar when customers deposit funds, so this $100M milestone is a testament to the growing customer demand for PAX, a stablecoin you can trust.

We’re also happy to share that you can now trade PAX on over 30 of the top global exchanges and OTC desks.

PAX has been listed on more than 17 exchanges, with more listing each week, including Binance, OKEx, KuCoin, ZB, OKCoin, Gate.io, DigiFinex, and Huobi.

Some of the many OTC trading and market making firms that now trade PAX include SFOX, XBTO, Cumberland, Hudson River Trading, Galaxy Digital, FBG Capital, Two Rivers, Alameda Research, OSL, DV Chain and QCP Capital.

PAX is seeing tremendous adoption around the globe. Here’s the latest view of PAX holders on Etherscan, where you can see that there is high trading volume at many different exchanges around the world, and a healthy distribution across holders, indicating a well-balanced market.

Top PAX wallet holders chart

 

Thank you for being a part of the Paxos Standard community!

For additional information, check out our recent press release or learn more in our white paper.

Paxos Introduces Faster Processing for PAX

 

We are excited to share that we have added several more windows for PAX conversions and fiat deposits/withdrawals! With more frequent processing times every weekday (and even some on the weekends), you can be sure that the transactions you initiate are fulfilled faster than ever.

You can access the full processing schedule here. (These transactions are not processed automatically because Paxos holds all crypto assets in cold wallets for maximum storage security.)

These changes will be in effect from tomorrow, October 27, 2018, until further notice.

If you have any questions or concerns, please do not hesitate to contact our customer support team at help@paxos.com.

Introducing Paxos Standard (PAX), the new digital dollar

We’re thrilled to announce that today we launched the Paxos Standard token, a new digital asset that is collateralized 1:1 with the U.S. dollar. You can call it a dollar-pegged stablecoin, or a tokenized dollar; however you look at it, it’s a digital representation of a dollar. You can always buy or redeem Paxos Standard on a 1:1 basis with the dollar, and every Paxos Standard token is fully backed by dollars held at U.S.-domiciled FDIC-insured banks.

We’re also excited to announce we are approved by the New York State Department of Financial Services to issue Paxos Standard. As the first regulated financial institution to issue a crypto asset approved and overseen by a regulator, we believe we’re bringing an unparalleled level of trust and protection to the world of digital assets. If you take the concept of crypto assets but ensure its always issued and redeemed 1:1 for dollars, you finally have a crypto asset that has payment utility, not just speculative store of value. (For more on this concept, read our white paper.)

But we’re not here to try to just increase adoption of digital assets for its own sake. We believe that Paxos Standard will help us to solve a much bigger problem we’re tackling: mobilizing assets anywhere, anytime. And believe it or not, our story begins 10 years ago…

What the financial crisis revealed about systemic problems

The crisis started in 2007 in subprime mortgages and general excess leverage, but didn’t stop until it dominoed into real estate, banking and nearly every other sector of the economy. Why was it so widespread? Every collapse of a mortgage company, bank or broker-dealer caused aftershocks that rippled out farther than expected because of settlement risk — the significant lag in time it takes to settle every kind of transaction. Deals, trades and payments can take days or weeks to settle, so the demise of any one financial institution affects the system at large because there is no way to resolve all the outstanding, pending positions and unravel the broken ownership chain. The system is constantly under settlement risk, and this only became painfully apparent as the key exacerbating factor for why the crisis nearly death spiraled.

Since then, our main attempts to solve this problem is through legislation and regulation codifying the creation, use and necessity of bigger and bigger central counterparties. This restricts access to the financial system and creates ever higher capital requirements, too big to fail institutions and unnecessary inefficiency.

We believe there’s a better way to remove settlement risk through decentralization, technology and innovation while increasing access.

Using blockchain technology to simplify settlement

Why does settlement have so much risk today, and why does it take so much time? The major reasons are antiquated systems, layers of intermediaries and the artificial limitations of business banking hours. Blockchain technology offers a different solution, enabling us to move assets anytime, instantaneously, in a programmable way and with an auditable chain of title, replacing the need for old systems and manual processes. We already use the blockchain to move digital assets this way… now with Paxos Standard, we can move payments instantaneously, too.

So why should I use Paxos Standard?

Today, there are a couple immediate ways to use PAX:

  • Through itBit and other exchanges where PAX will be available for traders to move digital assets into PAX while hedging against volatility (cheaper and faster than cashing out into dollars and crossing the digital-to-fiat divide)
  • Through trading desks to settle the cash side of any crypto trades instantaneously and 24/7

Right now, it’s most useful in trading against digital assets. But eventually, it could be used to settle transactions with any assets, not just assets that are digitally native, but assets that are physical (commodities) or securities (stocks and bonds), which we’re working on now. It could also be used in commerce, fulfilling the original hope for bitcoin. It could finally level economic opportunities for people around the world, reducing dependencies on volatile, native currencies and enabling cross-border payments. This could profoundly change the financial system and, very importantly, access to it.

And why should people use Paxos Standard and not another stablecoin?

Since we are a Trust company that has regulatory approval to issue this token, our regulatory requirements that ensure the token is fully collateralized by the dollar. And since we are issuing the token directly, we can make sure we have the shortest redemption windows and lowest fees available.

Most importantly, we’re playing in a vast sandbox that gives Paxos Standard utility far beyond the scope of digital assets, which we believe will give Paxos Standard staying power.

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Today, we tokenized the dollar… Tomorrow, everyone in the world can participate in an open, frictionless, global economy. This is one step on an important journey toward an inclusive and modern financial system.

Paxos Continues Growth Trajectory, Adds Seasoned Executives Nancy Dornbush as Global Head of Operations, and Dorothy Chang, VP of Marketing and Communications

Paxos continues to grow and scale operations, having recently announced a $65M capital raise bringing us to $93M in total funding. On the heels of this milestone, we are excited to continue our momentum and announce the addition of two tenured team members. We welcome Nancy Dornbush as Global Head of Business Operations and Dorothy Chang as Vice President of Marketing and Communications. The two will lead Paxos on its continued mission to further the delivery of modern day settlement solutions to the global capital markets.

Nancy joins Paxos from Arcesium, a post-trade technology and professional services firm where she served as the Managing Director and Global Head of Services. Nancy played a key role in the development of operations at DE Shaw group’s accounting and operational infrastructure, which served as the foundation for what later became Arcesium. She handled the go-to-market strategy, business strategy and analysis, human capital planning and resource development, sales design and execution, and the onboarding and relationship management of several complex, multi-billion dollar alternative asset managers. Alongside the rapid business growth, Nancy managed the corresponding increase of personnel, with her direct groups doubling in growth.

Prior to Arcesium, Nancy held senior roles at JP Morgan and Ernst and Young. Nancy will leverage her in-depth knowledge of customers’ evolving needs, and staying at the forefront of the ever-shifting financial services marketplace, particularly trading. She will oversee all of Paxos’ day-to-day operations across all divisions, strategic corporate development projects and launches.

With a track record of working with startups that become category leaders, Dorothy joins from Foursquare, spending three years as the Senior Director and Head of Communications. Recognized for her expertise in Business Insider as one of the “Top 50 Public Relations Professionals in Tech,” Dorothy has lead successful campaigns for companies and leaders in marketing technology, media, e-commerce, and fintech. She was previously a VP at Brew Media Relations and the founder of her own consulting agency, dorothyPR. She continues to serve as a partner at Liberty City Ventures discovering visionary entrepreneurs for backing. As VP of Marketing and Communications, Dorothy will increase the brand awareness of Paxos in the financial services and technology space.

“We’re thrilled to welcome these accomplished business leaders into the Paxos family,” said Chad Cascarilla, CEO of Paxos. “In a rapidly growing company with a mission to develop financial settlement tools, expand our global client base, and deliver exceptional client service, Nancy and Dorothy will undoubtedly provide welcomed insights from their diverse experiences to guide the Paxos team as we continue to achieve market firsts.”

Welcome, Nancy and Dorothy, to the Paxos family!

Chad Cascarilla on Leaderships Strategies to Improve Company Culture

Last week, Authority Magazine sat down with Paxos CEO and Founder, Chad Cascarilla, to gain insight into our company culture and how it’s been shaped over time. In the interview, Chad discusses the core values Paxos is built upon, how to promote collaboration and productivity among cross-functional teams, and how young startup founders can achieve success when creating a company culture from ground up.

Learn more about Paxos’ culture and Chad’s vision for creating strong work environments here.

Modern Trader names Paxos CEO Charles Cascarilla one of Fintech’s Top 50 Leaders

Last year our CEO Charles Cascarilla was featured in Modern Trader, discussing early adoption and future applications of blockchain technology. In this month’s issue featuring 50 Top Fintech leaders, Modern Trader revisits Charles to talk about the explosion of blockchain interest in the fintech industry and how Paxos has evolved to become a leading company in the space: