Paxos deploys new feature to allow fast creation, transfer of PAX between wallets

Quick Take

  • Investors can now buy and send PAX to external wallets and exchange accounts faster, thanks to a new feature Paxos announced today
  • This new feature is Paxos’ latest effort to develop a fast exchange to win stablecoin marketshare

As Paxos continues to revamp its platform, today it announced another feature that will allow users to purchase PAX and transfer it between wallets faster.

The new feature, dubbed Auto-Transfers, is Paxos’ latest effort to make digital asset transactions similar to those of physical assets on traditional exchanges, Paxos product manager Dave Wells told The Block. Auto-Transfers creates and sends PAX across different exchanges with very little time lag, which allows them to take advantage of market rallies.

“We’re closing the barriers between physical and digital assets. The faster and easier you can get your PAX, the faster you can transact with your assets,” Wells said

A few weeks ago, Paxos announced an overhaul of its exchange platform to support instant redemption of PAX to U.S. dollars. The move was an attempt to boost PAX’s presence in the stablecoin market. Now, the speedy creation and transfer of PAX between wallets may help further advance that endeavor by making PAX “the fastest way to get from USD to crypto assets,” according to Wells.

"By increasing the speed at which you can create, redeem and use PAX, we’re also providing another layer of confidence to our customers as it improves their experience and they can ensure their funds are always available and accessible," said Wells. 

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