Paxos to issue $100M worth of PAX on Ontology blockchain next month

27 Apr, 2019 | Updated: 27 Apr, 2019
by Fifi Arisandi
News
Paxos to issue $100M worth of PAX on Ontology blockchain next month

Paxos will issue 100 million of PAX on Ontology blockchain network, making it a new option to the current Ethereum-based PAX.

In the middle of the positive trend of all stablecoins, following the recent announcement on Bitfinex & Tether investigation by the New York Attorney General, Paxos, the company that issues stablecoin PAX inform the public about their plan to issue up to 100 million of tokens.

The plan is due for execution in a month and will be done on Ontology blockchain network.

With the launch, the stablecoin that is pegged 1:1 to the USD will have 2 versions. The first is the Ethereum-based ERC-20 token, which is currently used and circulating, and the new one will be the OEP-4 token, which is based on Ontology.

The new OEP-4 token will use the same ticker symbol as the old one, as reported by Coindesk.

Commenting the launch, the Shanghai-based blockchain network CEO, Andy Ji said, “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.”

In the light of the Bitfinex case, Ontology ensures that PAX will be audited openly and all the USD deposits are stored in independent accounts at banks in the US that are insured by Federal Deposit Insurance Corp.

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