(BlockBar) Blockchain.info, Cryptocurrency data aggregator and wallet provider, will launch trading of its fifth coin. The coin will be called paxos standard token (PAX). The news was announced on May 31. Paxos is a United States dollar-pegged stablecoin. This addition of its will be a first for Blockchain.info in the stablecoin space.
This is to noted that blockchain currently supports four cryptocurrencies: bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH) and stellar (XLM). Blockchain had removed its limited bitcoin SV (BSV) options earlier this month. But it is duly in the process to get a new one as well.
Blockchain.info had been surveying users about their relationship with stablecoins and releasing publicity material. Although the company had also been hinting about the move for quite some time now, it never made any official announcement. The executives also confirmed a formal partnership with Paxos but only at the beginning of May,
To be noted a dedicated blog post confirmed PAX was live for Blockchain.info’s 37 million wallets. It was reported last week
“Launched in September 2018, Paxos Standard tokens are fully backed by physical U.S. dollars stored in FDIC-insured banks and regulated by the New York State Department of Financial Services,” reads the post. The post also says:
“This financial certainty eliminates price volatility and gives users around the world an entirely new way to send value, manage inflation, mitigate trading risk, and gain exposure to the US dollar.”
Head of Blockchain.info’s wallet department and strategy, Xen Baynham-Herd said that eventually the company wanted to add fiat currency functionality to the wallet. He said: “Doing the stablecoin project here with PAX is a really big deal because it’s not just that we are adding a new asset, it’s adding a true dollar balance into the wallet.”
Although, the comments between the wallet providers create a contrast in ideology. It is worth considering that some of wallet provider conversely aim to remain free of fiat-based operations. Samourai Wallet even took the step of removing USD balances from its wallet altogether. He argued that the bitcoin users should learn to transact entirely in cryptocurrency.