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Popular cryptocurrency wallet provider and Bitcoin block explorer service, Blockchain.com is considering partnering with one stablecoin by the end of the year. This news came from Blockchain.com CEO Peter Smith.
Peter Smith said: “There’s a big race between stablecoins right now… Everyone is competing very hard to get their stablecoin out there and to have distribution. I think that market’s going to be really interesting. We will make a move in there soon.”
We don’t yet know the details of the partnership, although it has been speculated that they are thinking of partnering with Paxos (PAX). Peter Smith went on to say:
“Currently the stablecoin being used the most, outside of Tether, which everyone forgets, is Paxos. Paxos has the most trading volume and the most liquidity and the biggest outstanding number…[But] they don’t have a prime retail partner to carry their brand right now.”
There are various stablecoin projects funded around the world that will likely be paying close attention to this news and hoping that they will be the chosen. Smith stated that he is leaning towards stablecoin because he believes in their power as a viable transaction tool. Some of the more popular digital coins such as Bitcoin have become a symbol for investment within crypto. Smith has also said that he believes the deal will “shift the market.”
As one of the worlds largest cryptocurrency wallets, the move certainly has the power to create a change in the industry. In 2018 Peter Smith revealed that their Blockchain Wallet is adding 50,000 users per day. He tweeted:
“CORRECTION: It’s actually Blockchain signing up over 50,000 per day in the midst of this crypto downturn. It’s delightful to see new entrants actually interested in using crypto.”
In 2018 Blockchain.com hit a milestone when the 25 millionth cryptocurrency wallet was registered. Shortly after this, they announced they were launching a new product designed for institutional investors, called “Blockchain Principal Strategies”.
It’s fair to say 2018 was a good year for Blockchain.com and they were actually dubbed the “most trusted crypto company.” It looks like 2019 will be an equally ambitious year for the cryptocurrency wallet provider. It is only January and we have a major announcement from them already; we will have to wait and see what else they will bring to the table this year as they continue to solidify their position in the industry.