How and Where to Buy Pax Standard (USDP)
In 2012, Rich Teo and Charles Cascarilla co-founded Paxos as the itBit Bitcoin exchange, but later changed the name to Paxos Trust Company in 2015. Cascarilla is also a partner with Liberty City Ventures, a founding board member of ADAM (Association for Digital Asset Markets) and a partner and co-founder of Cedar Hill Capital Partners. Previously, he worked with Goldman Sachs and the Bank of America as a financial analyst.
Rich Teo’s past work history includes a position as a financial analyst with Citi and a senior analyst with Cedar Hill Capital Partners. He also worked with the Singapore Armed Forces as a combat signaler.
In August 2021, Paxos announced a Pax Standard (PAX) rebrand to the Pax Dollar (USDP), making it more identifiable as a U.S dollar-backed token.
What Is Pax Dollar (USDP)?
The Pax Dollar is a stablecoin pegged to the U.S. Dollar (USD). The purpose of $USDP is to reduce the price volatility of the coin to a basket of assets or a specific asset.
The Pax Dollar (USDP) can transact with blockchain assets with minimum risk. Issued as ERC-20 tokens on the Ethereum blockchain, $USDP is collateralized 1 to 1 with the $USD held in U.S bank accounts Paxos owns.
What Makes Pax Dollar (USDP) Unique?
Users can exchange $USD (US Dollars) for $USDP, and its primary purpose is to use blockchain technology to stabilize the U.S dollar price.
The New York State Department of Financial Services (NYDFS) issued a charter to The Paxos company to enable the company to provide regulated crypto asset services. Paxos wants to develop an improved financial ecosystem by creating a frictionless global network where everyone can quickly transfer commodities, securities and digital assets anywhere in the world at any time.
- Redeemable 1-to-1 – $USDP is always backed one-to-one to the U.S dollar
- Regulated – The $USDC has to meet strict regulatory conditions issued by the NYDFS
- 100% fully reserved – Customer funds are secure and held in $USDP reserves
- Send money quickly and safely – “Move money instantaneously, anytime, across borders.”
- Available to anyone – Even if you don’t have a bank account, you can create an account using a mobile phone and use $USDP for storing and accessing the cryptocurrency markets
- Regularly audited – Every month, a leading national auditing firm, Withum, verifies the $USDP supply is consistent with the reserve account held in Paxos owned, U.S Banks
Paxos products includes the itBit cryptocurrency exchange and $PAXG, which is tokenized gold, each token backed by “one fine troy ounce (t oz) of London Good Delivery gold bar stored in Brink’s vaults.” $PAXG holders own the underlying gold asset that the Paxos Trust Company holds in custody.
How and Where to Buy Pax Standard (USDP)?
Choosing a cryptocurrency exchange can be a minefield. With several hundred exchanges available, you must register with a trusted platform. Binance is a popular exchange, especially for newbies, because of the user-friendly interface, exceptional trading volume, 24/7 customer support, over 390 coins and more than 1,650 trading markets: –
- Fill in your details and, for full access to services, upload your I.D. documents
- Deposit with a wire transfer, supported cryptocurrency, Visa or Mastercard
- Find the “Exchange” button and locate a $USDP pair: USDP/USDT, USDP/BUSD, BTC/USDP, ETH/USDP, BNB/USDP
- Transfer the $USDP to a secure cryptocurrency wallet like the Binance Trust Wallet
How do I Sell Pax Standard (USDP)?
- Open the Trust Wallet app or whatever wallet you have and look for the “trade” button
- Locate a stablecoin like $USDT
- Sell your $USDP coins for $USDT
- Send the $USDT to an off-ramp platform (Coinbase or Gemini are suitable trustworthy platforms)
- Finally, convert the $USDT to whatever fiat currency you require and transfer it to your bank account
Should I Buy Pax Standard (USDP)?
We aren’t able to provide investment advice, but we recommend choosing a reputable cryptocurrency exchange if you wish to purchase $USDP tokens. Binance is great for new and professional crypto enthusiasts, investors, and traders.
Coinbase is popular for beginners with a super-simple interface, a self-custody wallet and a good range of fiat currencies.
How do I invest in Pax Standard (USDP)? Safely?
Investing in any cryptocurrency is risky because the market can be volatile. Your $USDP investment could quickly rise or fall because there’s no guarantee of investment results. Still, if you decide to invest in $USDP, register with Binance or Coinbase for an account and transfer your $USDP tokens to a secure wallet after purchase.
Coinbase currently supports Pax Dollar (USDP) under the original ticker $PAX listed as Pax Standard pairs PAX/USD and PAX/USDT.