In this edition of the Daily, we look at Bitpay’s decision to add the U.S. dollar-pegged PAX token to its list of settlement currencies. We also cover a couple of recent announcements in the crypto industry. Waves is preparing to launch a regulated exchange in Malta and bitcoin mining giant Bitfury is planning to establish a startup accelerator in Russia.
Also read: Binance Adds KYC, Bitcoin Businesses Block Gab
Bitpay Offers Paxos Standard as Settlement Option
Crypto payment processor Bitpay has introduced support for another regulated stablecoin. Paxos standard (PAX) is now among the cryptocurrencies that are available for merchant settlements, along with the recently added gemini dollar (GUSD) and Circle’s USD coin (USDC). The other two cryptocurrencies accepted by Bitpay are bitcoin cash (BCH) and bitcoin core (BTC). The platform also supports seven fiat currencies, including the U.S. dollar, the euro and the British pound.
“The paxos standard token (PAX) is now integrated with Bitpay as a settlement option for Bitpay merchants,” the crypto startup announced in a press release this week. “Paxos standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators,” added Charles Cascarilla, CEO and co-founder of Paxos.
PAX is one of several stablecoins backed 1-to-1 with the U.S. dollar that have been launched recently. In September, the New York State Department of Financial Services authorized Gemini Trust and Paxos Trust to issue digital coins pegged to the greenback. Later the same month, U.S.-based Circle launched its own stablecoin, USDC, in collaboration with open-source consortium Centre.
Tokenomica to Trade Digital and Fiat Currencies
Waves has announced the upcoming launch of a new cryptocurrency trading platform based in Malta.
