Blockchain Trust Company Paxos Launches NY Regulator-Approved, USD-Backed Stablecoin

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Blockchain Trust company Paxos has launched a U.S.-dollar backed stablecoin following approval from New York regulators, according to a press release published September 10.

Backed 1:1 by the dollar, the Ethereum blockchain-based stablecoin, dubbed ‘Paxos Standard,’ has been approved by the New York State Department of Financial Services (NYDFS), which will exercise regulatory oversight over the asset’s issuance and trading.

Paxos itself is a Trust company and is positions itself as “a fiduciary and qualified custodian of customer funds,” pitching its new coin as offering “greater protections” for customer assets than its competitors.

According to today’s press release, investors’ dollar deposits will be held “in segregated accounts at multiple FDIC-insured U.S.-domiciled banks”. Moreover, the press release explains:

“When Paxos Standard tokens are in circulation, the corresponding dollars are held in reserve. Upon redemption for dollars, Paxos Standard tokens are immediately destroyed. Tokens are only in circulation when the corresponding dollars are in custody.”

Paxos co-founder and CEO Charles Cascarilla says he believes the new asset “improves on the utility of money" by fusing the stability and robust regulatory oversight of traditional fiat currencies with crypto’s promise to create frictionless flows of digital value.

According to the press release, investors using the itBit exchange or OTC desk will be able to redeem their crypto holdings for Paxos Standard “instantaneously.” The stablecoin is reportedly seeking to be listed on other marketplaces, and will trade under the ticker symbol PAX.

Today also saw the launch of the Winklevoss Twins’ own New York regulator-approved U.S. dollar-backed stablecoin, dubbed Gemini dollar. Both projects tally remarkably closely in their details – the Gemini dollar is issued by a trust company, approved by NYDFS, backed 1:1 by the dollar, and ECR-20 compatible. The twins have similarly pitched their aim as being the fusion of open, 24/7, decentralized digital currency flows with the “trust and regulation” of the traditional financial sector.

Both Paxos and Gemini claim their coins are a “world first” for regulated cryptoassets.

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Trump’s New SEC Hire Boosts Possibility of Bitcoin ETF

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Elad Roisman , the newly-appointed member of the Securities and Exchange Commission (SEC), could be the missing the piece in tilting the balance in favor of a bitcoin ETF approval. The new commissioner becomes the third Trump appointee to the SEC, succeeding Michael Piwowar, who stepped down in July.

Roisman, who has a strong stance on fair regulation of cryptocurrency, spoke at a Senate Banking Committee hearing earlier this year, where he challenged the regulators to act in a “fair and transparent manner” and ensure they are working as intended in line with the agency’s mission.

His statement said in part:

“The SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”

Following the Senate’s decision to approve Roisman’s appointment to the SEC, the financial regulator now has two commissioners who are pro-bitcoin ETF. Roisman, who has worked for several years on the Senate Banking Committee, joins Commissioner Hester Peirce on the roster of commissioners who supports ETFs. Commissioner Peirce has long been an advocate for cryptocurrencies, tackling the SEC for operating as gatekeepers of innovation in the sector.


Peirce, another Trump administration appointee, published a formal dissent on the agency’s website disagreeing with the rejection of the Winklevoss ETF in July 2018. In her dissent, she argued that officials erred in denying the fund and also exceeded the limited scope of the agency’s role in regulating the securities market.

“The Commission’s mission historically has been, and should continue to be, to ensure that investors have the information they need to make intelligent investment decisions and that the rules of the exchange are designed to provide transparency and prevent manipulation as market participants interact with each other,” she remarked.

So far, the SEC has delegated past ETF decisions to the Division of Trading and Markets due to the increasing number of applications. The agency has rejected nine applications, ranging from the proposal from Cameron and Tyler Winklevoss and slapped down several others from ProShares, Direxion, and GraniteShares. The much anticipated physical bitcoin ETF, submitted by SolidX/VanEck, is due for a decision by early March 2019. While the Division will take center stage, it’s clear the opinions of the commissioners will most certainly be a factor.

Pornhub has become the first company to pay users for watching Adult content

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Pornhub has become the first company to pay users for watching adult content. In a recent turn of events, the firm paid SH1m for watching a million porn videos on their platform over the years. The milestone was reached months ago, but the statistics only came to light this week.

Pornhub Continues to Grow and Evolve
It is evident the internet has made it a lot easier for consumers to access specific types of content. Whether it is regular news, video content, or even porn, it can all be accessed online without too much friction. Especially the adult content industry benefits a lot from these developments. Its overall user base has grown exponentially, and content consumption across devices continues to rise every single year.

Pornhub has been one of the more successful companies in this regard. Its network of different adult content websites has seen tremendous growth, and consumers continue to explore more content as time progresses. Additionally, the company has shown a keen interest in various cryptocurrencies, which further confirms things will continue to improve and change as more time progresses.


Moreover, one of Pornhub users has reached a major milestone. Although very few people will ever reach this limit, one user successfully watched a million videos on the platform itself. The milestone was reached three months ago, which further shows how unusual it is to effectively reach such a vast number of videos watched. The adult content industry offers many different categories, and there is definitely no shortage of video content to enjoy whenever possible.

In exchange for succeeding in watching 1 million Pornhub videos, the user received a payment of $10,000 and a lifetime supply of Kleenex tissues and Vaseline. For someone who is seemingly addicted to Pornhub videos on this level, having those “supplies” handy is not an unnecessary luxury by any means. He also received a round of applause from the Pornhub staff, although it is debateable if this is a milestone one should be too proud of.

As a company, Pornhub is already looking toward the future. It is expected the next person to break the one-million-video mark will receive $100,000, although no official plans have been confirmed in this regard. Being paid to consume adult content on a regular basis is enough reward in its own right, although it is not something that will make users rich overnight by any means.

It will be interesting to see if other adult content service providers will begin rewarding users for surpassing such key milestones as well. After all, these companies thrive because of their user base, and offering some sort of incentive to keep consuming video content may not be a bad addition. Pornhub is once again raising the bar for its competitors in a rather interesting manner.