The creators of Blockchain.com, a web-based cryptocurrency wallet and block explorer service, have partnered with New York-based fintech firm, Paxos Technology Solutions, LLC, in order to “break down a financial barrier for people across the world to access the world’s primary reserve currency.”
The developers of Blockchain wallet and Paxos’ management aim to make financial services more accessible to individuals and business owners “with the release of digital dollars.”
As explained in a blog post published on May 1, 2019 on Blockchain.com, the “digital dollars, listed in the Blockchain Wallet as USD PAX, are powered by Paxos Standard, one of the most actively traded stablecoins and among the first to be regulated by the New York State Department of Financial Services (NYDFS).”
The Paxos Standard Token (PAX) is “pegged 1:1 to USD." Because the PAX stablecoin is pegged to the fiat currency, it “gives users a new way to store value, de-risk in a moving market, manage inflation of their local currency, or settle in a fiat currency outside of traditional banking hours,” Blockchain.com’s blog noted.
PAX, The First Stablecoin To Be Available Through Blockchain Wallet
According to a blog post published by Scott Simpson, the VP of Strategic Partnerships at Paxos, the developers of the Blockchain wallet “will make PAX available to more than 36 million users” directly through their web-based platform. Simpson added that users purchase PAX “through Blockchain.com or the Blockchain Wallet app at the same 1:1 exchange rate that is available from Paxos.com.”
Notably, PAX is now the only stablecoin and “the 5th digital asset to become available” through the Blockchain wallet. Other cryptocurrencies supported by Blockchain Wallet include Bitcoin, Bitcoin Cash, Ether, and Stellar.
PAX To Help Create “Global, Frictionless Economy”
Established in August 2011, Blockchain.com has become one of the world’s most widely-used cryptocurrency wallet providers. It’s also among the most “recognizable crypto platforms globally,” Simpson mentioned.
PAX is currently supported on more than 90 digital asset “exchanges, wallets, payments platforms and other venues,” Simpson wrote. He also pointed out that “the demand for a regulated, stable crypto-asset” continues to grow. Moreover, Paxos’ management claims that “the stability and efficiency” that PAX offers helps in providing “significant utility around the world and its widespread adoption will take us closer to Paxos’ vision of a global, frictionless economy."