Ontology has marked remarkable gains this week and is up by 10% against the US dollar. It is the 19th largest coin by market cap. At press time, as per data by CoinMarketFeed, the ONT/USD pair is at $1.15 and has a transaction volume of $108 Million.
Ontology has a target of bringing 100 million PAX tokens, in a ratio of 1: 1 with USD. For the same, the Paxos team has signed a partnership with Ontology. Andy ji- the co-founder of Ontology, further mentioned that PAXOS will look into initial KYC processes.
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”
The move will simplify the use of ONT token and their conversion into traditional pegged tokens. PAX token which is backed by the US dollar, will go by the standard ONT OEP-4 token.
The news comes in the wake of recent Bitfinex controversy. As reported by CoinMarketFeed, Bitfinex has successfully recuperated losses worth $850 million from its reserve of Tether funds. Further, Attorney General Letitia James also mentioned that iFinex, the parent company of Bitfinex and Tether limited had purportedly violated the New York Law.
The filings also mentioned that Bitfinex also maintained a defensive stance against their losses, and did not reveal the figures. Moreover, the matter was further fuel when Tether and Bitfinex landed in a conflict regarding corporate transactions. Bitfinex has reportedly taken $700 million from Tether reserves to mask their losses and handle client withdrawals.
The court has now ordered the operators to immediately stop the distribution of US dollars that back Tether tokens. It has also ordered to produce documents of investigation. Furthermore, the ruling prohibits companies from destroying any investigation related document.
Tether was previously embroiled in a controversy after critics alleged that the coin was operating a fractional reserve. Whereas, they didn’t have the claimed supplies. Following an order from U.S. regulators to both Bitfinex and Tether, an unofficial audit was done, which revealed that stablecoin was backed by the right amount of dollars.
In another news reported by CoinMarketFeed, The past week brought bad omens for Bitcoin SV after a controversy surrounding Craig Wright and Calvin Ayre. Top Exchanges Binance, ShapeShift and Kraken all decided to delist Bitcoin SV. However, BitForex has decided to hold on and not delist BSV.