Paxos (PAX) Enables New Features In Its Wallet Allowing Super Fast Stablecoin Creation/Transfer
Paxos Enables New Features In Its Wallet Allowing Super Fast Creation/Transfer
Paxos, a crypto startup exchange that managed to raise $65 million in venture capital has been revamping its systems. The firm, which is based in New York, is looking to have almost instant creation and transfer of Paxos between wallets on their platform. They are another stablecoin platform that is looking to take advantage of the weakness shown by USDT.
New York Kinder To Paxos Than Bitfinex
Paxos is registered and regulated in New York, which has been notoriously tough on cryptocurrencies – with the investigation into Bitfinex and Tether just the tip of a very big iceberg. However, the leadership at Paxos has managed to walk a fine line between providing the type of service that cryptocurrency users are used to and satisfying some of the toughest regulators on the planet.
The new feature that they are introducing has been dubbed “Aout-Transfer,” and it was created by Paxos to make the process of moving assets similar to how physical good are moved at more traditional exchanges. The fact that Auto-Transfers allows Pax to be sent and created across multiple exchanges will help its customers immensely during market rallies. Market rallies are when stablecoins are most sought after and the wait times can be a burden on the traders during those times.
Instant redemption Of Pax/USD
It has been a few weeks since Paxos announced that users of their system would be able to redeem Pax for US Dollars instantly via their platform. This boost was calculated to increase their presence in a hotly competitive stablecoin market and its no wonder that many people are looking to stablecoins when things in the crypto markets get volatile.
The impending collapse of Tether and Bitfinex due to mishandling of customer money is looking to open the field to competitors at just the right time. Coinbase has been gearing up to take advantage of the situation but others, such as Paxos, are not going to take the situation lying down.
The fact that instant redemption was followed by an extremely quick and efficient way to create and transfer Pax around the world is a testament to how much the company is banking on the stablecoin market becoming a mainstay of the crypto world in the future.
The future is what all these innovations are about. The remittance market is ripe for transactions to be done via stablecoins and the confidence that users and clients have in the system is of paramount importance to Paxos.
According to Paxos' product manager, they want to be the first name people think of when they want to get into the crypto trading game – and the instant and easy creation of Pax (as well as the instant redemption of US Dollars) will help with that.
“By increasing the speed at which you can create, redeem and use PAX, we’re also providing another layer of confidence to our customers as it improves their experience and they can ensure their funds are always available and accessible,” Wells says and many in the industry will be looking very closely at Paxis to deliver on its promises.