Ontology foundation partnered with Paxos stablecoin issuer in order to launch about 100 million of the PAX tokens on its newly launched blockchain. The PAX stablecoin is pegged to the US dollar and will be launched on the blockchain starting next month according to the latest cryptocurrency news.
The launch will make it easier for all of the business who use the ontology ONT token to transact with fiat-pegged tokens according to the Ontology Foundation announcements back on Friday. Paxos Standard is regulated as a US dollar-backed stablecoin and was launched in September 2018. Now, it is available only on the ETH blockchain as an ERC-20 token. The new PAX version will have the same symbol and will be launched on the Ontology blockchain.
The co-founder of the Ontology Foundation Andy Ji explained that Paxos will still be used for conducting know-your-customer process and dollar deposits and withdrawals. He noted:
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”
The announcement comes right after the New York attorney general’s allegation of the Bitfinex crypto exchange which shares management with Tether and lost $850 million of corporate funds. The Ontology Foundation made clear that PAX guarantees open auditing unlike Tether and all of the deposits are kept in independent accounts at the Federal Deposit Insurance Corp.
The Ontology Foundation launched its public blockchain network in June 2018 in order to provide cheap and fast transactions with a high volume as reported in the altcoin news. According to the press release, the new PAXO token will be based on the OEP-4 token standard and will ensure atomic swaps between the main blockchain and other blockchains. This will make it easier for institutions and individuals to do business in fiat.
Also, the Ontology Foundation claims that the PAX ‘’is the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges.’’ The USD PAX reserves are used in independent accounts of FDIC-insured banks based in the United States.
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