Blockchain Wallet Introduces Digital Dollars: USD PAX To Now Negate Dependency On Banks
Blockchain.com, a web-based Crypto wallet provider block explorer service recently announced on their social media of Twitter that Digital Dollars would be made available for their users in their Blockchain Wallets. Users will now be able to send, store, and exchange a stable US dollar without having to leave their wallets or rely on banks.
The tweet released was:
Digital Dollars are now available in your Blockchain Wallet 🎊. You can now send, store, and exchange a stable US dollar without relying on banks or leaving your wallet. Read more here: https://t.co/2te3YYIso8
— Blockchain.com (@blockchain) May 6, 2019
On May 1, 2019, a blog was issued by Blockchain.com stating that Paxos Technology Solutions, LLC, a New York-based fintech firm and issuer of the stablecoin Paxos was taken into partnership by the Company thereby acquiring support for Paxos Standard Token (PAX).
This integration of the Blockchain Creators and Paxos’ management was aimed at obtaining more access of financial services for business owners and individuals and as a way of crushing the financial barrier between the world’s primary reserve currency and the people.
The blog post also noted that USD PAX- the digital dollars listed in the Blockchain Wallet is the first stablecoin to be regulated by the New York State Department of Financial Services (NYDFS) and to be added in the Blockchain Wallet. These stablecoins- powered by Paxos Standard and one of the cryptos to be the most dynamically traded is ‘pegged 1:1 to USD’. PAX, affixed to the fiat currency gives the users an innovative mode for storing value, managing inflation of their local currency, de-risking in a moving market and settling in a fiat currency free from the clutches of traditional banking hours with eliminating price volatility at the same time.
The company is aspiring to provide a financial freedom that is more substantial than ever, with the service of a free Blockchain Wallet where stable value can be stored in USD PAX for acquiring large scale adoption. Blockchain.com is promoting the motto of “Be Your Own Bank” and believes that the digital dollar is just one of the steps in their list of initiatives for this process.