Blockchain.com, a bitcoin and cryptocurrency wallet provider, announced today it has now added support for Paxos (PAX) stablecoin. The USD based stablecoin will be listed in the Blockchain Wallet as USD PAX.
PAX is pegged 1:1 to USD, helps holders of crypto eliminate price volatility, providing users an easy way to store value.
Powered by Paxos Standard, PAX is one the most actively traded stablecoins and among the first to be regulated by the New York State Department of Financial Services.
Paxos Trust Company has engaged Withum, a top-ranking auditing firm, to independently verify at specific points in time that the entire supply of Paxos Standard tokens is consistent with USD in reserve accounts at U.S. banks held and managed by Paxos.
“We’re putting a U.S. Dollar bank account in anyone’s pocket, anywhere in the world,“ said Peter Smith, Co-founder and CEO at Blockchain. “For users across the world, this will be a leap forward toward engaging in global commerce and liberating their finances from central authorities.”
Scott Simpson, VP of Strategic Partnerships at Paxos, added, “In bringing PAX to the Blockchain Wallet, we are creating a new way for millions of users to purchase PAX on a 1:1 basis. PAX pairs the reliability of USD with the ease and speed of crypto technology. We’re pleased that millions more people can now access PAX’s benefits through Blockchain.”