Pax Dollar
Pax Dollar (USDP) was created by Paxos, a financial technology company on a mission to modernize finance by mobilizing assets at the speed of the internet. Paxos was the first virtual currency company to receive a charter from the New York State Department of Financial Services. As a chartered limited-purpose trust company with fiduciary powers under the Banking Law, Paxos is able to offer regulated services in the crypto-asset and virtual commodities space. The Paxos team comes from a wide variety of backgrounds, with a diverse array of experiences ranging from Wall Street to Silicon Valley. It is led by CEO and co-founder Charles Cascarilla, who has spent his career as a customer, analyst, investor, and now creator of financial technology. Paxos describes itself as “the first regulated trust company with blockchain expertise,” and it is using that expertise to create a modern settlement solution that can eliminate risk and simplify settlements. What many people may not know about Paxos is that it was actually founded in 2012 as Paxos Trust Company, and that for most of its existence it ran the cryptocurrency exchange itBit, which still operates. The creation of Paxos was a pivot from an exchange platform to a company focused on creating a modern settlement platform using blockchain technology. Paxos became the most widely adopted cryptocurrency in the shortest time frame, with support from over 20 exchanges and OTC desks in the first five weeks of its existence. It was picked up and listed by some of the top cryptocurrency exchanges, including Binance, OKEx, Gate.io, KuCoin, and DigiFinex. These exchanges offered PAX as an alternative to the controversial Tether. Unlike the controversy surrounding the people who control Tether, there is no such obscurity when it comes to the people behind Paxos. The CEO and co-founder is Charles Cascarilla. He has over 15 years of experience in financial services and co-founded Cedar Hill asset management in 2005. He also worked at Bank of America and Goldman Sachs prior to that. The Pax Dollar (USDP) is the first digital asset to be issued by a financial institution and to be fully secured by the U.S. dollar. While other similar stablecoins have existed, there has been no proof of full U.S. dollar reserves, nor have these earlier assets been issued by a financial institution. The Paxos team has been fairly clear in declaring the different basis on which PAX operates.
Overview
Pax Dollar (USDP) was created by Paxos, a financial technology company on a mission to modernize finance by mobilizing assets at the speed of the internet. Paxos was the first virtual currency company to receive a charter from the New York State Department of Financial Services. As a chartered limited-purpose trust company with fiduciary powers under the Banking Law, Paxos is able to offer regulated services in the crypto-asset and virtual commodities space. The Paxos team comes from a wide variety of backgrounds, with a diverse array of experiences ranging from Wall Street to Silicon Valley. It is led by CEO and co-founder Charles Cascarilla, who has spent his career as a customer, analyst, investor, and now creator of financial technology. Paxos describes itself as “the first regulated trust company with blockchain expertise,” and it is using that expertise to create a modern settlement solution that can eliminate risk and simplify settlements. What many people may not know about Paxos is that it was actually founded in 2012 as Paxos Trust Company, and that for most of its existence it ran the cryptocurrency exchange itBit, which still operates. The creation of Paxos was a pivot from an exchange platform to a company focused on creating a modern settlement platform using blockchain technology. Paxos became the most widely adopted cryptocurrency in the shortest time frame, with support from over 20 exchanges and OTC desks in the first five weeks of its existence. It was picked up and listed by some of the top cryptocurrency exchanges, including Binance, OKEx, Gate.io, KuCoin, and DigiFinex. These exchanges offered PAX as an alternative to the controversial Tether. Unlike the controversy surrounding the people who control Tether, there is no such obscurity when it comes to the people behind Paxos. The CEO and co-founder is Charles Cascarilla. He has over 15 years of experience in financial services and co-founded Cedar Hill asset management in 2005. He also worked at Bank of America and Goldman Sachs prior to that. The Pax Dollar (USDP) is the first digital asset to be issued by a financial institution and to be fully secured by the U.S. dollar. While other similar stablecoins have existed, there has been no proof of full U.S. dollar reserves, nor have these earlier assets been issued by a financial institution. The Paxos team has been fairly clear in declaring the different basis on which PAX operates.