Binance, one of the largest global crypto exchange, has partnered with digital asset trust company Paxos to integrate a new fiat deposit gateway on its primary trading platform.
According to the June 26 announcement, the partnership will allow traders on Binance “to exchange fiat directly for PAX on the Paxos platform and benefit from the stablecoin’s liquidity on the Binance exchange.”
In addition, with this integration, traders can wire transfer fiat on Paxos platform and receive the same amount in PAX on Binance for trading.
Commenting on the advantages of liquidity of PAX, Changpeng “CZ” Zhao, founder and CEO of Binance, said: “PAX is a liquid, fully-backed stablecoin available on Binance.com. Easing the PAX gateway on Binance.com means traders will benefit from the liquidity of PAX trading pairs and move more easily between fiat and crypto. We look forward to working with Paxos to grow the ecosystem.”
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This is not the first partnership of the two crypto companies as Binance is already using PAX since last December as one of its base currency. Last month, Blockchain.com also added PAX on its wallet platform to enable its storage.
Earlier this month, Finance Magnates reported that Paxos Trust Company, also known as itBit, received a virtual currency license by the New York Department of Financial Services.
Meanwhile, Binance is already focusing on the expansion of its payments options for deposits and withdrawals. Earlier this year, it partnered with Simplex to enable credit card payments on its platform.
“Today, many of our PAX users are on Binance. We’ve seen significant growth of PAX through Binance since we launched on the platform last year. We believe this easy fiat on-ramp with PAX to Binance will make it even better for traders to benefit from deep liquidity pools and price discovery,” Charles Cascarilla, co-founder and CEO of Paxos added.