Due to its collaboration with Paxos Standard, top crypto software and wallet provider Blockchain.com has now added the PAX stablecoin to its list of supported cryptocurrencies. This listing will make the stablecoin available to more than 36 mln users. PAX will be joining three other cryptos supported by the Blockchain.com wallet: Â BTC, BCH, and ETH.
PAX reaching more users
Paxos Standard Tokens (PAX) has its value backed up by that of USD, the fiat funds being held in banks regulated by the NY Financial Services Department. 1 PAX token has a value of 1 USD, which enables it to be a stable asset in the volatile markets of cryptocurrencies. This basically allows crypto traders to have access to digital USD.
Now, more users are able to have access to the PAX market through Blockchain.com.
“We’re putting a U.S. Dollar bank account in anyone’s pocket, anywhere in the world,“ Peter Smith, Co-founder and CEO at Blockchain was quoted to say.
Tether scandal boots PAX value
As the controversial accusations regarding Tether and Bitfinex keep mounting, more users have started to embrace PAX stablecoins, resulting in a surge in demand. Investors have become wary of USDT’s validity and have considered PAX a more stable investment that will keep their funds protected.
About Blockchain.com
Blockchain.com was first established in 2011, and it was among the pioneering companies from the cryptocurrency industry. The provider develops crypto software which allows customers to access their crypto wallets through their private keys.
Featured Image: Bitcoin Exchange Guide
