The Ontology has officially announced their plans to launch the Paxos Standard, a regulated USD stablecoin, into the Ontology blockchain, the news confirms on April 27. In a report obtained by the Medium, the company plans to explore into different application scenarios on the decentralized finance. Hence, they are expected to launch the PAX token this coming May.
Having known the current OEP-4 token standard, the stable coin is said to continue the use of PAX as its ticker. Furthermore, the Ontology revealed that PAX will have to enable the so-called atomic swaps in between the Ontology main blockchain and the blockchain network. By doing so, individual users will be able to do the business with much ease in the Ontology ecosystem.
Getting to Know about PAX
Back on September 10, 2018, when PAX was launched in the digital community. During its official launching, the PAX got full approval from the New York State Department of Financial Services. According to reports, it has been the first regulated USD stablecoin which assures the market of safe open auditing, asset safety, and as well as being supported by a large number of the exchange transaction, making it among the most renowned digital dollar in the digital world.
Accordingly, all transactions in USD are kept safely in the independent accounts of the FDIC which are also placed under the insured banks in the US to make sure that all tokens are kept safe and secure. Furthermore, monthly auditing is being conducted by the US audit firm staffs to make sure that the amount of the USD in the bank accounts is consistent with regards to the PAX in circulation.
Rich Teo, CEO for Paxos, Confirms Plans for Launching
The Ontology Foundation was pleased to announce their plans this May as they set to launch the PAX token in their blockchain. According to the CEO, Mr. Rich Teo, he greatly believed that the PAX will offer more businesses in the near future. They have looked forward into the coming days where PAX will continue to meet the needs of the ever-changing digital community.
Further, the Ontology Foundation is dedicated to making more advancement in these digital currencies in order to meet the growing needs of the digital community. Meanwhile, during the said announcement, Andy Ji, Co-Founder of Ontology, also revealed that the Ontology blockchain looks forward to accelerating more business applications in the coming days. Hence, they are vowed to creating more success stories on traditional business shifting to distributed business.
The Medium further added that the Ontology Foundation is set to provide enterprise partners and more investors in the world of digital assets. They are also dedicated to providing regulated, the reliable and safe gateway to every investor in the digital community. The Ontology team also believes that that upcoming launching of PAX in the Ontology blockchain is a sure way to give individuals and other enterprise partners easier transaction and do the business that is pegged to the fiat of the foundation’s ecosystem. The news seems to make everyone in the digital world excited!