Paxos Review – Is Paxos Scam or Legit?
Paxos is a leading financial institution which seeks to enable seamless movement between physical and digital assets. Founded in 2012, the Manhattan based tech unicorn offers a variety of products which includes crypto brokerage, securities and commodities settlement, stablecoins, tokenized gold, crypto trading e.t.c
What Does Paxos Offer?
Paxos provides blockchain facilities for firms and businesses to in turn provide crypto features/services. This could range from tokenization to buying, holding and selling cryptocurrencies. It works almost behind the scenes running to help traditional firms have access to new financial technology and infrastructure.
Paxos’ emergence seeks to see to a future where all assets—from money to commodities to securities—are digitized and can move instantaneously, 24/7.
Paxos is big on regulation. It boasts of being the fintech company with the highest regulatory standards. It is compliant to regulations and also helps its clients comply with regulation. The Paxos Standard (“PAX”) and Binance Dollar (“BUSD”), are two of the few regulated dollar-back stablecoins in the world and they are both issued by Paxos Trust Company. Paxos is regulated by the New York State Department of Financial Services (“NYDFS”). It got chartered as a New York trust company in 2015 and also gained a digital payments license in Singapore earlier this year. This makes the company stand out instantly.
(Crypto Exchange) itBit By Paxos
Paxos was formerly known as ItBit when it first launched in 2012 but it is now a sector of the parent company now known as Paxos. itBit is the brand-name of the digital asset exchange, It serves clients in over 100 countries for some fiat-to-crypto liquidity pools. As at the time of the review, ItBit volume stands at $14.18 million. Most popular trading pairs on the platform are BTC/USD, ETH/USD, and LTC/USD.
PAXG is backed by physical gold stored in brink’s vaults and in the custody of Paxos trust company. It is built on the Ethereum blockchain. It is built to be easily moved around the world. Its fee structure is highly competitive. 0.03% – 1% according to the volume tiers on the Paxos wallet, 0.02% for Ethereum transaction fees, zero fees for storage, and nominal gas fees for on-chain transactions. The minimum PAXG purchase is 0.01 t oz which is approximately $20. It is handled by over 30 vaults, exchanges, wallets, lending platforms e.t.c
Paxos helps build innovative crypto solutions with a regulatory-first approach and enterprise-grade infrastructure. Some of its crypto brokerage service features are;
- Invest – Paxos helps firms build crypto services like buying and selling of crypto, creating digital wallets, incorporating crypto investment/trading on their platform.
- Transfer – Paxos helps clients to be able to transfer crypto from their platform to other platforms.
Other crypto brokerage services include incentivizing users with crypto rewards, providing blockchain based products for payments, converting and settling fiat and crypto, whitelabeling stablecoins. Paxos provides these services to companies that are fully regulated.
Valuation And Partners
The fintech startup is valued at $2.4 billion and has raised $538.5 million in funding till date and has integrated crypto services for wall street firms like Bank of America, Mastercard, Societe Generale, Credit Suisse e.t.c. Paxos is funded by 23 investors including latAm MercadoLibre PayPal Ventures, OakHC/FT, Declaration Partners and Mithril Capital. It has offices in New York, London and Singapore.
Paxos currently has an excellent customer service system, clients may also direct complaints to its regulator, the New York State Department of Financial Services.
Paxos is one of the top rated digital services providers in the world. It offers a whole range of products to immediate users and to platforms. Although not exactly popular due to its back-end tendencies, it is no doubt an excellent platform. One does not have to be scared of investing with the company because it is highly regulated in multiple jurisdictions.
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