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Blockchain, one of the most popular wallet providers in the cryptocurrency industry, this week adds support for the dollar-pegged PAX stablecoin to its mobile wallets this week as part of a more aggressive strategy. wide to increase use.
Head of Blockchain's portfolio and strategy department, Xen Baynham-Herd, told CoinDesk that the company plans to eventually allow for redemptions in future partnerships. How does the start-up generate profits?
"Making the project stablecoin here with PAX is a big problem because we are not adding a new badet, we have added a real dollar balance," Baynham-Herd said of the company's first integration stablecoin, adding :
"Anyone with an Internet connection can download a portfolio and get funds in US dollars. … People around the world can now access all kinds of badets in the same way that they can access all kinds of information. "
By Monday, users will already be able to exchange badets such as bitcoin, ether or stellar for PAX in the wallet itself.
Although Baynham-Herd has refused to say when it would be possible to arrive at fiat and traditional badets, the demand for such offers is already beginning to melt. Issuer of PAX Paxos, a startup based in New York, also has a commodity-centric operation near Blockchain's London headquarters.
Chad Cascarilla, CEO of Paxos, told CoinDesk that Pax Gold Gold, which can be traded for physical gold bullion in a London warehouse, has already generated $ 700 billion in transactions with 55 institutions since its launch about 10 months ago. Baynham-Herd said Blockchain was willing to explore options such as Pax Gold, as well as other stable notes beyond PAX, as this would allow traditional badets to transcend national borders as bitcoin already does. . Such partnerships could have broad implications for retail users.
In decline, Blockchain's portfolios account for 22% of all chain bitcoin transactions, according to a tweet by Peter Smith, CEO of Blockchain. Yet the way Blockchain collects demographic information on these transactions is considered by some to be controversial.
Global distribution
Baynham-Herd said that there were about 38 million listings on the portfolios and millions of active monthly users, more than half of which are located outside of the United States. Baynham-Herd said Russia, Nigeria, Brazil and Argentina are home to some of the largest user bases in the society.
Like many portfolio providers, Blockchain portfolios aggregate IP information based on the users' Internet connection. The Wallet Provider also offers optional KYC verification for users who want to access trading features in their wallet or access benefits such as "stellar airdrop" last November. Baynham-Herd said that "tens of thousands" of users now submit KYC information every month.
Udi Wertheimer, a Bitcoin lawyer, told CoinDesk that he would prefer Blockchain to focus on Tor integrations and encourage users to use KYC with new accounts.
"Linking years of bitcoin activity to a real-world identity just to get a $ 5 stellar does not bode well for end-user privacy," Wertheimer said.
Baynham-Herd said of this review: "We only collect very little user information."
In the meantime, a spokesman for the company said Blockchain is hiring aggressively, dropping from 60 to 150 employees last year and looking for nearly 50 more jobs this summer.
"We are still hiring," Baynham-Herd confirmed, adding:
"Engineers, products, trade-related positions, the whole spectrum."
Blockchain wallet image via Shutterstock
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