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    Crypto Wallet Service Provider, Blockchain.com, Announces Support For PAX Stablecoin

    Crypto Wallet Service Provider, Blockchain Announced Support For PAX Stablecoin

    On Friday, May 31, the Blockchain team announced their wallet’s support provided to the PAX stablecoin. Users will be able to store, trade and send the said token on the Android app. In the same tweet, as seen below, the team revealed that an iOS version of the app is underway!

    In a recent blogpost, the Blockchain team revealed the specs regarding their recent partnership with US-based, Paxos Standard, along with the benefits that arise in supporting the coin.

    In particular, the primary reason for this endeavor was to, “break down a financial barrier for people across the world to access the world’s primary reserve currency with the release of digital dollars to our market-leading wallet.”

    News outlet, Coin Telegraph has also reported on this partnership and publicised that this is Blockchain’s first ever support for the stablecoin industry, and fifth token support, which is followed by Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Stellar [XLM]. They previously supported Bitcoin SV [BSV], however, they’ve ended it earlier this month.

    Based on the aforementioned blogpost, it appears that Blockchain is fond of how far Paxos Standard has come, as they’ve expressed the following:

    “Paxos Standard is one of the most actively traded stablecoins and among the first to be regulated by the New York State Department of Financial Services … Eliminating price volatility and giving users an entirely new way to store value, de-risk in a moving market, manage inflation of their local currency …”

    The team also noted that this partnership leads to tangible “financial freedom”, adding that moving forward, their actions and future alliances will help traders make it to the extent of serving as their own banks.

    In a recent interview with Coin Desk, Blockchain’s Head of Wallet Services, Xen Baynham-Herd disclosed that this endeavor is not so much a big deal because yet another asset is being supported, but more so the fact that, “its adding a true dollar balance into the wallet.”

    Again, emphasis on access from anymore has also been discussed amongst the two. As for when PAX can be officially traded, Baynham-Herd revealed that traders can start as of Monday, June 3, 2019.

    CEO of Paxos, Chad Cascarilla has also spoken to Coin Desk, speaking mostly of what’s to come for the project. In particular, Cascarilla has shared the future launch of a gold-pegged asset called Pax Gold to which Baynham-Herd revealed possible interest.

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    Nirmala Velupillai
    Nirmala Velupillai
    Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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