Hong Kong-based cryptocurrency platform Crypto.com recently announced it has added Paxos Standard’s PAX token to its Wallet & Card App, joining bitcoin (BTC), ether (ETH), Litecoin (LTC), Binance Coin (BNB), XRP, Enjin Coin (ENJ), Basic Attention Token (BAT), and its own MCO and CRO tokens.
According to Crypto.com, PAX is a stablecoin developed by Paxos, a New York Trust charter company and financial institution regulated by the New York State Department of Financial Services.
“PAX is a digital dollar backed on a 1:1 basis by USD. PAX moves at the speed of the internet 24/7 and is designed specifically to provide cryptocurrency markets with stability and user confidence due to Paxos’ regulated status. Since launch in September 2018, PAX has been rapidly adopted and has achieved more than $16 billion in transaction volume.”
Speaking about the addition of the crypto, Kris Marszalek, Co-Founder and CEO of Crypto.com stated:
“Stablecoins play a critical role in the adoption of cryptocurrencies. We are thrilled to welcome PAX to the Crypto.com platform and look forward to working together on accelerating the world’s transition to cryptocurrency.”
Crypto.com was founded in 2016 and its key products include the Crypto.com Wallet & Card App, the best place to buy, sell, and pay with crypto, the MCO Visa Card, a metal card with no annual fees, and the Crypto.com Chain, which enables users to pay and be paid in any crypto, anywhere, for free.
