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In light of the ongoing brouhaha following the New York’s attorney general’s allegations against Bitfinex, Paxos is ready to make good of the situation by issuing up to a hundred million PAX tokens that promise to increase transparency in the financial world.
The PAX tokens are stablecoins pegged in equal ratio to the US dollar, increasing its stability and credibility. Paxos, the stablecoin issuer, deemed it fit as the right time to give crypto users the transparency they have always longed for. Partnering with Ontology, PAX tokens are expected to operate on the Ontology Blockchain. With the launch scheduled for next month, crypto users and exchanges will now have access to a transparent and reliable virtual currency.
The partnership also helps Paxos, whose flagship stablecoin Paxos Standard (PAX) has been featured only on the Ethereum network as an ERC-20 token, to spread its wings to other facets of the crypto world; thus, attracting more customers and providing a better experience for users.
Launched last year (June precisely), the Ontology Blockchain has fought its way through the overcrowded crypto world. This will be another major lift for the Shanghai-based blockchain firm. Speaking on the soon-to-be-launched PAX tokens, the firm made it known that, unlike Tether (which is currently on the news for covering up to $850 million loss alongside Bitfinex), PAX ensures an open auditing system that provides 100% transparency to its clients and the general public. Even better, PAX keeps all its deposit in independent accounts at Federal Deposit Insurance Corp.
While keeping the deposits in the US dollars helps it maintain stability, holding it in insured banks in the US helps to take the trust to a whole new level. And I guess such level of security and transparency is much needed in the crypto world today. Should the launch go as planned – which is very much likely to happen – this will make it very easy for crypto users and businesses currently using ONT token to transact with a more stable currency.
During the big reveal, the firm assured the public that the new PAX tokens will greatly accelerate real business applications and create more success stories. Going forward, Andy Ji Co-founder of Ontology stated that this new platform will provide partners and institutional investors with a safer and highly regulated gateway to the world of virtual assets.