Today BlockFi is announcing that it supports Paxos Standard (PAX). PAX will be supported by BlockFi’s BlockFi Interest Account (BIA), allowing crypto investors to earn monthly compounding interest, with an initial annual percentage yield (APY) of 8.6%.
PAX is the third stablecoin that BlockFi has added support for (the platform also supports Gemini Dollar (GUSD) and USD Coin (USDC)
The release of support for PAX directly follows BlockFi’s recent announcement about the company’s operations during this period of increased market volatility and its decision to raise Bitcoin and Ether interest rates (effective April 1, 2020)
Regarding the addition of this latest stablecoin, Zac Prince, CEO and Founder of BlockFi notes, “We’re excited to support PAX on our platform and help expand stablecoin availability, with market leading yields, to BlockFi clients. As our respective platforms continue to grow, we expect to find more ways to collaborate.”
PAX will also be supported in the BlockFi Trading platform, providing clients with additional trading opportunities and another way to earn interest with BlockFi’s highly competitive and industry-leading interest rates. Clients can now trade between Bitcoin, Ether, GUSD, USDC, PAX, and Litecoin, subject to geographic availability.
If you have any questions, our support team is always happy to help. Call us at +1 (646) 779-9688 or email us at [email protected]
– The BlockFi Team
Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Crypto assets are deposited into an account with Gemini or BitGo, our primary custodians and licensed depository trusts. For more information, please see BlockFi’s Terms of Service__.