Blockchain.com Wallet Adds Support For PAX Stablecoin
Blockckchain.com has confirmed its support for the Paxos Standard (PAX) stablecoin). Staring May 1, the digital currency wallet provider will list the stablecoin coin as USD PAX. PAX is a unique digital asset whose value is pegged to the dollar to reduce the risk of volatility associated with cryptocurrencies.
PAX is powered by Paxos Standard and is currently one of the most popular stablecoins in the crypto space. It was among the first stablecoins to become regulated by the New York Department of Financial Services. Recent developments concerning PAX’s main competition, Tether, have led to the addition of the stablecoin in several wallets and exchange platforms, including Ontology and the Kyber Network.
Additionally, Paxos trust Company is working with Withum, a reopened auditing firm, on sure that the amount of PAX tokens in circulation is consistent with the amount of US dollars held in the reserve accounts managed by Paxos.
Peter Smith, the CEI, and co-founder of Blockchain.com said that the addition of PAX equals to giving their clients all over the worlds a US dollar bank account. He added that this move will benefit clients outside the US to participate better in global commerce because of the universal acceptance of the dollar.
On the other hand, Scott Simpson, the VP of strategic partnerships at Paxos, stated that the integration of PAX on Blockckvahin.com allows the wallet’s users to purchase the token on a 1:1 basis. He concluded by mentioning that PAX combines the dependability of the dollar with the speed and simplicity of blockchain technology.