Binance Integrates Paxos’ Gateway to Ease Stablecoin Deposits

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.”

A promising fiat-pegged crypto

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.