Crypto-wallet powerhouse Blockchain is adding a dollar-pegged stablecoin to attract more users.
Paxos is doubling down on a traditional approach to crypto custody and enabling instant stablecoin redemptions.
Per time of writing, the 19th largest coin out of thousands by market capitalization is counting and welcoming a double digit gain of 10.00 percent against the US Dollar. According to CoinMarketCap – the pair ONT/USD is changing hands at $1.15 with a transaction volume of $108 mil.
With the target of issuing approximately 100 million of PAX tokens on standing of 1:1 with the USD, the team behind Paxos has signed a partnership with Ontology to make it happen starting from May. Andy Ji – co-founder of Ontology commented on the case saying that while PAXOS will continue to initiate KYC processes, it will author.
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”
The movement makes it easier for anybody who is or will use ONT token to transact into traditional pegged tokens. Right now, the PAX token which is a stablecoin backed by the US Dollar, is an ERC-20 token on the second largest by market cap Ethereum (ETH). It will go by the same and standard ONT OEP-4 token.
The news have arrived parallel with New York’s attorney general’s allegation that the exchanging platform Bitfinex lost $850 million of clients and corporate and covered the backtrack via Tether’s reserves. Per a lawsuit issued by official Letitia James, iFinex Inc, which is the company behind the two aforementioned crypto startups, promoted the “issuance, distribution, exchange, advertisement, negotiation, purchase, investment advice, or sale of securities” in New York State, which is illegal without the proper licensing and documentation. While Bitfinex’s services are technically not entirely available in the financial capital of the U.S., the suit stated the NYAG’s office suspects that local traders are actively utilizing the exchange and the stablecoin.
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Paxos will issue up to 100 million of its PAX stablecoins on the Ontology blockchain next month.