In this edition of the Daily, we look at Bitpay’s decision to add the U.S. dollar-pegged PAX token to its list of settlement currencies. We also cover a couple of recent announcements in the crypto industry. Waves is preparing to launch a regulated exchange in Malta and bitcoin mining giant Bitfury is planning to establish a startup accelerator in Russia.
Bitpay Offers Paxos Standard as Settlement Option
Crypto payment processor Bitpay has introduced support for another regulated stablecoin. Paxos standard (PAX) is now among the cryptocurrencies that are available for merchant settlements, along with the recently added gemini dollar (GUSD) and Circle’s USD coin (USDC). The other two cryptocurrencies accepted by Bitpay are bitcoin cash (BCH) and bitcoin core (BTC). The platform also supports seven fiat currencies, including the U.S. dollar, the euro and the British pound.
“The paxos standard token (PAX) is now integrated with Bitpay as a settlement option for Bitpay merchants,” the crypto startup announced in a press release this week. “Paxos standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators,” commented Charles Cascarilla, CEO and co-founder of Paxos.
PAX is one of several stablecoins backed 1-to-1 with the U.S. dollar that were launched recently. In September, the New York State Department of Financial Services authorized Gemini Trust and Paxos Trust to issue digital coins pegged to the greenback. Later the same month, U.S.-based financial company Circle launched its own stablecoin, USDC, in collaboration with open-source consortium Centre.
Tokenomica to Trade Digital and Fiat Currencies
Waves has announced the upcoming launch of a new cryptocurrency trading platform based in Malta. The Tokenomica exchange will support trading pairs with both digital assets and fiat currencies. The new entity will be regulated under the Maltese Virtual Financial Assets Act. According to its team, the ability to operate in the regulated environment of “Blockchain Island” is a serious advantage.
Representatives of the crypto startup told Forklog that before listing a new coin, Tokenomica will conduct a thorough inspection of the virtual asset and analyze other products and services offered by its issuer. Technical, marketing and business criteria will be applied during the review process. The exchange is already accepting requests for new listings.
According to its developers, Tokenomica is the first element of a planned global financial platform that will allow companies to issue tokenized stocks and bonds, as well as other digital financial instruments. The new platform will meet all regulatory requirements, including know-your-customer and anti-money laundering rules, promised Alexander Ivanov, founder and chief executive of Waves.
Bitfury Supports Startup Accelerator in Russia
Bitfury Group, one of the largest mining companies and hardware manufacturers outside China, plans to establish an accelerator for Russian crypto and blockchain startups. The project is part of a strategic partnership agreement with Plekhanov University of Economics, the oldest business school in the country, and is backed by the Russian Ministry of Digital Development, Communications and Mass Media.
Under the agreement, the partners will develop a program to support promising new companies in the cryptocurrency sector and conduct educational courses to trainexperts for the nascent industry. “The development of the digital economy and blockchain technologies is impossible without high-quality education and training,” said Dmitry Ufaev, head of Russian operations at Bitfury.
The global company, which has offices in San Francisco, London, Amsterdam and Hong Kong, recently closed an $80 million private placement funding round. Media reports have suggested that it may become the next bitcoin mining giant to conduct an initial public offering. In Russia, Bitfury is also supporting a professional course for legal experts working with cryptocurrency businesses.
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