In line with a recent official ‘announcement‘, leading cryptocurrency wallet service provider named ‘blockchain.info’ will launch trading of its 5th coin, Paxos Standard token [PAX] soon.
Paxos is a stablecoin pegged to USD and its addition will be a very 1st time for Blockchain.info within the stablecoin area.
The company had hinted regarding its move for some time, surveying users about their relationship with stablecoins & releasing publicity material. At the beginning of this month, the executives ‘confirmed‘ a formal collaboration with Paxos.
Just last week, an official ‘web-blog post‘ confirmed that Paxos was live for Blockchain.info’s 37 Mln wallets.
“Launched earlier in the month of Sept. last year, Paxos are fully backed by physical USD held in FDIC-insured banks and managed by the New York State Department of Financial Services,” the staff wrote in an exceeding explanation of their choices of stablecoin assets. The post added:
“This financial certainty removes price volatility and provides users around the globe an entirely new way to transfer value, manage inflation, reduce trading associated risks, and gain exposure to the USD.”
Within the report, Xen Baynham-Herd, head of Blockchain.info’s wallet department and strategy, added that ultimately the firm desires to feature standard fiat currency functionality its the cryptocurrency wallet.
Adding further, he said:
“Doing the stablecoin project here with Paxos is actually a very great deal because it’s not just that we are listing a new asset, it’s adding a true dollar balance into the wallet.”
The comments marks a contrast in ideology between the wallet suppliers, several of which conversely aim to remain independent from fiat-based operations. Earlier also, Samourai took a step of ‘removing‘ USD balances from its wallet altogether, arguing Bitcoin [BTC] users to learn to interact completely in ‘cryptocurrency‘.