Blockchain.com, the top provider of crypto software and a crypto wallet that supports BTC, BCH and ETH, now collaborates with Paxos Standard and has added the PAX stablecoin to its wallet, expanding to over 36 mln users. Now they will have access to this USD-backed coin across more than 100 markets.
PAX expanding its user-base
Paxos Standard Tokens (PAX) are pegged to the USD, which are kept in banks regulated by the NY Financial Services Department. PAX is backed by USD on a 1:1 rate, which enables the tokens to avoid market volatility and basically lets customers use digital USD.
This has become possible thanks to the partnership with Blockchain.
“We’re putting a U.S. Dollar bank account in anyone’s pocket, anywhere in the world,“ says Peter Smith, Co-founder and CEO at Blockchain.
PAX winning from the Tether scandal
As reported by U.Today recently, due to the ongoing scandal with Tether-Bitfinex, PAX stablecoins see a massive rise in demand. Traders are beginning to buy get out of USDT and start buying PAX to protect their funds.
Blockchain.com was created in 2011 and it is one of the oldest companies working in the crypto sphere. It provides crypto software for customer use which enables them to directly control their private keys to crypto wallets.
In the fall of 2018, Blockchain conducted a huge-sized giveaway of $125 mln in XLM to users.