• Paxos coins will be issued in a new blockchain in May.
  • The launch of Ontology-based coins will speed up the blockchain adoption by corporations.

The issuer of Paxos stablecons announced the decision to issue 100 million PAX tokens in partnership with Ontology. THe coins are backed by USD on a 1-to1 ratio, CoinDesk reports.

The issuance of stablecoins based on this blockchain will start in May. Ontology developers believe that these tokens will increase the efficiency of the transactions between retail customers and business structures.

According to Ontology co-founder Andy Ji, PAXOS will be used solely for KYC procedures and also for U.S. dollar deposit and withdrawal. However, Ontology will be authorized to issue PAX coins on its blockchain through the partnership.

“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets,” he commented.

Also, he emphasised, that Paxos carries out open audits for its asset, while all monetary funds used as a collateral are kept on bank accounts and subject to the insurance of Federal Deposit Insurance Corporation.

Paxos Standard (PAX) coin was issued in September 2018. Currently, it is an ERC20 token pegged to US Dollar. The new version of the coin will be based on OEP-4 and will have the same ticker.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast