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Pax Dollar

Buy Pax Dollar

How & Where to Buy Pax Dollar (PAX)

Buying Pax Dollar (PAX) for funds from your bank requires a 2-step process. You're going to buy some BTC or ETH from an exchange that accepts deposits from a debit card or bank account, and then you're going to transfer your newly bought crypto to a marketplace that sells PAX in exchange for bitcoin or Ether.

Step 1Buy BTC or ETH at Coinbase

Sign up and purchase BTC or ETH at Coinbase.

If Coinbase is not available in your jurisdiction, view our list of exchanges that sell BTC or ETH for Government issued money.

Step 2Go to a supporting PAX exchange:

Transfer your newly purchased BTC or ETH from your wallet to one of the exchanges listed below.

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Pax Dollar Price & Information

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Why Should I Buy Pax Dollar (PAX)?

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: –

  1. Fill in your details and, for full access to services, upload your I.D. documents
  2. Deposit with a wire transfer, supported cryptocurrency, Visa or Mastercard
  3. Find the “Exchange” button and locate a $USDP pair: USDP/USDT, USDP/BUSD, BTC/USDP, ETH/USDP, BNB/USDP
  4. Transfer the $USDP to a secure cryptocurrency wallet like the Binance Trust Wallet

How do I Sell Pax Standard (USDP)?

  1. Open the Trust Wallet app or whatever wallet you have and look for the “trade” button
  2. Locate a stablecoin like $USDT
  3. Sell your $USDP coins for $USDT
  4. Send the $USDT to an off-ramp platform (Coinbase or Gemini are suitable trustworthy platforms)
  5. 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.