itBit Support Center

What is PAX?

Last Updated: Sep 28, 2018 07:57PM UTC
Paxos Standard is a “stablecoin,” which has characteristics unique to digital assets, but without price volatility. Paxos Standard tokens are backed 1:1 by USD held in US bank accounts. It trades under the ticker symbol PAX on exchanges around the world.

Issued by the Paxos Trust Company and running on the Ethereum blockchain protocol, Paxos Standard offers increased speed, mobility, flexibility and accessibility for assets within the global financial system.

When withdrawing USD off the itBit platform, you can choose to receive your funds in PAX to an Etherem address that your provide, and enjoy the speed, flexibility and mobility that it provides as a currency.

Want to learn more about PAX? Learn more here.

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