Blockchain, the leading provider of cryptocurrency software, has partnered with Paxos Standard (PAX) to give more than 36 million wallet users global access to U.S. Dollars. Through the launch of PAX digital dollars in its Wallet, Blockchain is the first company to provide users access to the U.S. Dollar across over 100 global markets simultaneously.
PAX tokens are backed by physical U.S. dollars stored in FDIC-insured banks and are regulated by the New York State Department of Financial Services. They are pegged 1:1 to USD, eliminating price volatility and giving users an entirely new way to send value, manage inflation, mitigate trading risk, and gain exposure to the US dollar.
“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.”
Blockchain is one of the oldest and most established crypto companies with the largest global user base at 36M wallets. Since founding in 2011, its team has led the industry in providing consumer software that gives users direct control over their crypto and private keys. In an effort to bring more people into crypto, Blockchain made history by launching the biggest crypto giveaway with $125M of Stellar Lumens (XLM) last November.
The introduction of digital dollars is one of the many ways Blockchain is developing the next generation of consumer finance and working with the crypto ecosystem to create an open, fair financial future for all.
