Paxos enables real-time redemption for PAX/USD
- Paxos announces faster and immediate transaction via a new platform.
- PAX becomes the only stablecoin that can be liquidated into fiat in real-time.
Driven by their desire to provide the most reliable, regulated and protected digital dollar to their customers, Paxos has launched a new platform, which will allow their users to move with ease between USD and PAX. PAX is a US dollar-pegged stablecoin that was built to aid in fast movement of money.
With the new upgrade, PAX has become the only crypto asset to offer instant redemptions, immediacy, and level of confidence with no minimums, maximums or fees associated. Users will be able to easily move between USD and PAX ensuring they have access to their own assets in the form they need.
As per the document that Paxos sent FX Street:
“Paxos created the Paxos Standard (PAX) stablecoin to bring together the stability of USD and the efficiency of blockchain technology. We launched PAX with a 1 day redemption window, which was groundbreaking. Then we moved to four-hour windows. Now, we’re setting precedence again by offering immediate redemptions today. (Immediate creations coming soon!) This means whenever you deposit PAX on the Paxos platform, it is immediately available as USD. For that reason, there will no longer be any distinction between your USD or PAX balance on Paxos; all will be held as one, unified USD balance on our platform, and available 24/7 to send as either USD or PAX. Transact at the speed of the internet, unlike ever before.”
This new service will be available in a new platform experience that lays the foundation for the future of the company. It will offer a scalable architecture which will bring PAX and itBit products closer together. The service will also add more assets, offerings, and integrations that will change how the users will use digital assets well into the future.
David Wells, the General Manager of Paxos, told FX Street:
”We believe PAX represents the future of finance, where you can move instantly move USD to anywhere in the world, 24/7, without the friction of the banking system. Our new platform gives insight to how we’re thinking about the future and by making PAX instantly redeemable, we are making money move faster.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
