Blockchain Adds Support For Dollar-Pegged Stablecoin PAX To Its Mobile Wallet

ยท 01 Jun 2019 in Crypto News
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

Blockchain, one of the most popular crypto wallet providers, announced today that it’s adding support for the dollar-pegged stablecoin PAX to its mobile wallets this week, according to a report by a certain crypto site.

Xen Baynham-Herd, the head of Blockchain’s wallet department and strategy told CoinDesk that the company eventually plans to enable fiat redemptions as well, through upcoming partnerships. The firm will earn profits by charging small fees on such swaps.

After Adding Support For PAX, Blockchain Has Expansion Plans

Xen added, “Doing the stablecoin project here with PAX is a really big deal because it’s not just that we are adding a new asset, it’s adding a true dollar balance into the wallet.”

He went on to state that,

Anyone with an internet connection can download a wallet and get USD funds, essentially…People everywhere can have access to all sorts of assets the same way they can access all sorts of information.”

According to the report, users will be able to swap Bitcoin, Ether, and Stellar, which is great news for all crypto enthusiasts.

While he refused to give any timeline for fiat and traditional assets, the demand for such continues to grow.

Speaking about the growing demand for PAX Gold, Paxos Chief Executive Officer, Chad Cascarilla, stated that the gold-pegged asset has already garnered $700 million worth of trades since it was launched some ten months ago.

Baynham-Herd added that the company is willing to explore options such as Pax Gold, in addition to other stablecoins, since it will allow traditional assets to be traded across national borders, just like Bitcoin. Such partnerships could have significant benefits to retail traders.

According to a recent tweet by Blockchain CEO Peter Smith, the company’s wallets account for 22% of all on-chain bitcoin transactions. The question is how the company collects controversies surround this demographic information.

Further, the leader stated that a huge percentage of the 38 million signups come from the United States, Argentina, Russia, Nigeria, and Brazil, and these are home to some of the firm’s largest users.

Moreover, the company is on an upswing and is looking to hire more employees.

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