Paxos Says That It Has Issued $50 Million in Price-Stable Digital Money Thus Far
Paxos is the founder of PAX stablecurrency which is a participant in the crypto world. Currently, it has issued $50 million in cryptocurrency.
PAX Began Its Operations Last Month
The corporation commenced its operations last month and is performing well. This is an indication that the digital money company has a bright future in the market. Besides, it is likely to attract more investors to the cryptocurrency business as it looks lucrative.
Dorothy Jean disclosed via social media on Monday that PAX had supplied $36 million in stablecurrency. The money was delivered in return for payment in USD.
PAX announced that it was ready to issue $50 million to potential investors. Additionally, the company’s spokesman disclosed that the entity had previously distributed $14 million in stablecurrency a few days ago.
CoinDesk previously revealed how PAX introduced its initial stablecurrency which was authorized and supported by the regulator. The licensing of this currency means that the company can offer such financial services to their clients.
An independent Audit Report Is Released
Withum auditing company released a report regarding the state of financial affairs at PAX. The entity monitors PAX performance every month. The report showed that the company’s stablecoin performance was appealing. The true and fair opinion from the audit firm is also an assurance to investors that they can freely trade with the firm. Therefore, there is no need to worry about the company’s stability.
Paxos further stated that it grew as a result of adopting many bigger cryptoexchanges like OKEx. The company announced its plan of listing PAX on their exchange platform.
The news came at a time when some digital money companies have been facing a variety of challenges in the industry. A recent example being the controversy surrounding USDT. This cryptocurrency was introduced in the market by Tether. The digital money recorded a low performance of $0.95 recently. This was detailed in the news that was released by CoinDesk on Monday.
On one occasion, the Binance exchange platform stopped USDT withdrawals during times of intensified activity. Binance is the globe’s largest crypto-trading platform.
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Additionally, the corporation is free from interference by anyone. Therefore, investors can rely on the information it gives before committing their funds. The measure will safeguard the shareholders from making wrong investment decisions that can lead to losses.