CrossTower Welcomes Paxos Standard (PAX)
Crosstower is happy to announce that Paxos Standard will be available to buy, sell and trade on the CrossTower Global Digital Asset Trading Platform available to our non-US customers beginning on December 8, 2020.
New to Crosstower? International customers may register to begin trading here.
About Paxos Standard (PAX):
Paxos Standard (PAX) is a stablecoin that is pegged 1:1 to the U.S. dollar. Every PAX token that exists is correlated to a U.S. dollar that is in Paxos’ reserve. PAX is built on top of Ethereum as part of the ERC 20 token standard. The process that Paxos utilizes is a burn and mint policy. If a user of Paxos Standard wants to convert the PAX to USD, Paxos will convert the PAX to USD and withdraw the funds. Then in turn, Paxos will burn the PAX token.
What problems will this project solve?
Paxos Standard aims to create an easier payment rail to transact in digitally represented U.S. dollars. Paxos is focusing on the larger financial ecosystem to improve efficiency.
How will it solve these problems?
Paxos Standard solves this problem by digitizing dollars. Paxos Standard can be used to transact with greater speed, accessibility, and flexibility than normal U.S. dollars. For someone to participate in the Paxos Standard ecosystem , they only need access to the Ethereum network. Users will then have access to digital U.S. dollars.
About the team:
Paxos Standard was developed by Paxos, a New York based financial institution.
Charles Cascarilla – CEO
Charles Cascarilla has a financial services background. He co-founded Cedar Hill Capital Partners LLC in 2005 along with their venture arm Liberty City Ventures LLC in 2012. Before this, Charles worked as a Portfolio manager at Claiborne Capital.
Andrew Chang – COO
Andrew previously worked at Google in their business development department. He also is a partner at Liberty City Ventures LLC.
CrossTower Inc. provides this content for general information purposes, to better inform you on your digital asset investment journey. We do not provide investment recommendations or provide tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.