BitPay Payment Processor To Utilize Paxos (PAX) Stablecoin To Improve Transaction Settlements
The adoption of cryptocurrency into new use cases has been constant. Rather than creating this opportunity independently, this need has made it crucial to establish partnerships with other companies that have managed to find their way into this new territory. One of the most recent developments in this effort is a collaboration between Paxos and BitPay.
The goal of the partnership is to afford BitPay the opportunity to use the Paxos Standard stablecoin in their transaction settlements. Clients of BitPay will be able to reliably use a crypto asset for payment, but with “the trust and stability of the U.S. dollar. Clients that use BitPay internationally, specifically, will probably benefit the most from this concept.
Dorothy Chang, the vice president of marketing and communications for Paxos, spoke with CoinDesk about this opportunity making it possible for crypto traders to be the main users of the Paxos Standard. Still, there will be opportunities for payment firms, merchants, and consumers to take advantage.
Chang noted, “We are excited that PAX is already taking that first step towards broader usage outside the world of crypto trading. As PAX becomes more commonly used, more and more people are gaining access to a stable currency they can use to save, to conduct commerce, and to participate in a global economy that moves in real-time.”
The Paxos Standard token recently earned notoriety as the first stablecoin to ever be approved by the New York Department of Financial Services. It had only recently been unveiled in September.