Paxos Stablecoin will now settle transactions using Bitpay’s platform, the most reliable and biggest crypto payment processor.
The collaboration or partnership will enable Bitpay’s client to carryout transactions using the U.S dollar pegged digital currency, PAX token, the report also stated that it’s overseas clients will be the ones to benefit the most as they will also have the ability to settle transactions using the Stablecoin.
Currently, Bitpay supports Bitcoin and BitcoinCash (now SV and ABC) on the platform, allowing its clients to process transactions using any of them. Bitpay’s CEO and cofounder, Stephen Pair in a statement said that the collaboration was meant to improve the way transaction is being done on the blockchain network using low transactional fee.
The vice president of marketing and communications to Paxos, Dorothy Chang in an interview said:
We are excited that PAX is already taking that first step towards broader usage outside the world of crypto trading. As PAX becomes more commonly used, more and more people are gaining access to a stable currency they can use to save, to conduct commerce, and to participate in a global economy that moves in real-time.
Bitpay is one of the oldest global bitcoin payment service provider headed by Tony Gallippi and Stephen Pair. It is an Atlanta based firm, while Paxos Stablecoin is said to be the first ever Stablecoin to be endorsed by the New York Department of Financial Services.