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 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.