Paxos Standard — or PAX — is an ERC-20 stablecoin created by the Paxos Trust Company. PAX maintains a 1:1 ratio to the US Dollar with the reserves to back up the token stored, audited, and protected by the company. With the stablecoin fully backed by an equivalent amount of USD, it can be redeemed for US Dollars at any time.
PAX can be stored in any ERC-20 wallet. The most common PAX wallet options include Ledger’s Nano S and Nano X models, Trezor, Metamask, and Exodus. Here are some benefits and drawbacks of each option.
Top 5 PAX wallets
- Ledger Nano S
- Ledger Nano X
Ledger Nano S
Retailing at $59, the Ledger Nano S is one of the most affordable Ethereum hardware wallets on the market. With hardware wallets, cryptocurrency and private keys are securely stored on a physical device. What makes Ledger’s wallets unique is BOLOS, its operating system. BOLOS is integrated into the device and protects the core against attacks from malware and applications on the user’s computer and on the device.
- Affordable, lightweight, and secure;
- Ledger Nano S supports over 1184 other coins, including PAX coin;
- Users can install third-party applications to the device;
- The recovery process can be run without connecting the device to a computer.
The recovery sheet that contains all information required to restore data can be easily lost or stolen.
Ledger Nano X
Ledger Nano X is the successor of the Ledger Nano S that boasts an extensive capacity and top-notch security, albeit at a much higher price point than its predecessor. The device currently retails at $119 — although that does include free software updates and shipping.
- Supports all tokens on the ETC-20 chain;
- Users can manage more coins at the same time (in comparison to Ledger Nano S).
- Twice as expensive as the Ledger Nano S;
- Features open-source applications, but its code is not completely open-source.
Trezor was the first hardware wallet made for Bitcoin and has since been upgraded to work with other tokens, including PAX crypto. Trezor stores tokens offline on a secure chip that is activated only when you connect the device to a computer and log in with your password.
- Secure, light, and portable;
- Inbuilt PIN system prevents brute-force break-ins;
- Backed up with the 24 words generated during setup.
- Less inconspicuous-looking than Ledger devices;
- Somewhat outdated OLED display.
MetaMask is both a desktop and online wallet that has a Chrome and a Firefox extension. Once installed, the wallet can be used to store all kinds of ERC-20 tokens and allows creating a Paxos Standard wallet too. The app provides an identity vault, which allows users to manage identities across different websites.
- 12 unique “seed words” to protect access to users’ vaults
- Easy-to-use intuitive interface;
- No need to download a full node.
- Not as secure for long-term storage as hardware wallets;
- Users report the app to be sluggish at times.
Exodus is a free multi-cryptocurrency desktop and mobile wallet with an attractive user interface. The application is compatible with Windows, Linux, and Mac and can be downloaded to iOS and Android devices. Exodus supports over 100 cryptocurrencies, allows to create a PAX coin wallet, and features an in-built exchange that allows users to exchange PAX with fixed rate.
- The “Exodus Dashboard” shows a digest of all transactions and balances;
- Great design and an intuitive interface;
- Automatic cost adjustment;
- Built-in exchange.
- Requires an internet connection to operate;
- Single-factor authentication only.
Some experts believe that PAX can outrun its primary competitor — USDT — as the most popular USD-backed stablecoin. Even though PAX offers little true innovation in the crypto space, it’s transparency, ethics, and agenda have received positive feedback and garnered a large user base.
Passionate about crypto and want to get more news on a weekly basis? Join SwapSpace’s blog! News, price predictions, crypto market explained in one place.