As part of our commitment to making DINNGO Exchange the premier destination for crypto asset trading, we are proud to announce our partnership with Paxos Standard to list PAX stable coin on DINNGO Exchange. PAX tokens will be listed on June 3, 2019 to serve as a bridge between dollars and trading on DINNGO Exchange.
PAX, regulated by the New York State Department of Financial Services, is the first digital asset to be approved and overseen by a regulator. Paxos Standard issues and redeems PAX tokens one-to-one against U.S. dollars, giving holders a digital equivalent of the dollar on the Ethereum blockchain. Each PAX is 100% collateralized by a corresponding US dollar held in segregated accounts at FDIC-insured, U.S.-domiciled banks.
The addition of PAX tokens will not only allow us to provide a more streamlined fiat gateway but also enable users to exercise a brand new set of trading strategies that avoid the volatility inherent to ETH and similar digital assets. Especially for active traders, stable coin is very attractive as it protects their investments at times of price volatility, while the tokens can be quickly and cheaply transferred over the blockchain, far more efficiently than moving fiat. By using PAX, traders can be confident that they are using a coin that is regulated and backed by U.S. dollars held in accounts subject to regular public reporting of reserves.
Paxos Standard and DINNGO share common values in our motivation to lay the foundations for the stability that will lead to the next wave of adoption. As a DEX registered with FinCEN, this pro-regulation partnership is more than just a listing of PAX. It is a huge milestone for DINNGO to join forces together with other regulated actors to legitimize cryptocurrency for the whole world and we pride ourselves on pioneering the adoption of cryptocurrency.
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