Hong Kong based payments and cryptocurrency platform Crypto.com will add the world's first regulated “stablecoin” PAX to its Wallet & Card App.
Stablecoins are designed to minimize the price volatility typical with cryptocurrencies, often by pegging them to real world currencies or to commodities such as gold or other precious metals.
PAX, a stablecoin developed by US-based regulated financial institution and charter company Paxos, is pegged 1:1 to the US dollar and has already achieved over US$16.57 billion in transaction volume.
PAX can be used to pay for goods and services, or trade instantly between US dollars and cryptocurrency, and has been designed specifically to give businesses confidence in adopting cryptocurrencies due to Paxos' status as being rtegulated by the New York State Department of Financial Services.
The stablecoin will be added to the Crypto.com platform. The Wallet & Card App, which is linked to a Visa Card distributed by the company, allows users to buy cryptocurrencies also including bitcoin, etherium, XRP and litecoin with a credit card or bank transfer.
The platform can also be used to securely store, send and receive cryptocurrencies, and includes a price tracker for over 200 coins.
“Stablecoins play a critical role in the adoption of cryptocurrencies,” Crypto.com co-founder and CEO Kris Marszalek said.
“We are thrilled to welcome PAX to the Crypto.com platform and look forward to working together on accelerating the world's transition to cryptocurrency."