Blockchain.com Adds Paxos to Its Wallet Platform

Cryptocurrency wallet platform Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term has partnered with Paxos (PAX) to offer Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term storage service to its users.

Blockchain is one of the oldest and largest Bitcoin wallets. It supports the storage of Bitcoin, Ethereum, Bitcoin Cash, and Stellar, which now extended for the USD-pegged token. The company claims that it has 36 million wallet users and will offer the stablecoin-based services to its users across 100 global markets.

Mentioning this development, Peter Smith, co-founder and CEO of Blockchain, said: “We’re putting a U.S. Dollar bank account in anyone’s pocket, anywhere in the world. For users across the world, this will be a leap forward toward engaging in global commerce and liberating their finances from central authorities.”

Launched in September last year, PAX is a USD-pegged digital token which is backed by the fiat in a 1:1 ratio. The currency was launched on Ethereum’s blockchain as an ERC-20 token, but the developers have decided to launch the token on Ontology’s blockchain as well. PAX coin on both the blockchains will exist parallelly with the same ticker.

“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 [of] more people can now access PAX’s benefits through Blockchain,” Scott Simpson, vice president of strategic partnerships at Paxos, added.

Demand for Stablecoins

Stablecoins have captured a wide market in the crypto sphere. Being backed with fiat, they are stable and do not swing like other digital currencies. Exchanges prefer to list trading pairs against them to circumvent the strict regulatory policy associated with fiat-based trading.

However, recently, the case with Bitfinex and Tether is creating a vacuum in the market. Tether being the largest stablecoin is losing credibility, and other companies are seeing an opportunity to get a piece of this lucrative market.