Binance Joins Forces with Paxos for a New Deposit Gateway
Binance and Paxos have entered a collaboration to integrate a new deposit gateway on Binance.com. It will significantly facilitate fiat-to-PAX exchanging procedures.
Binance, world’s largest crypto exchange by volume, has teamed up with Paxos, the first regulated digital asset Trust company with an aim to integrate the new deposit gateway on Binance.com.
The initiative will bring significant benefits for traders. First of all, it will facilitate the procedure of exchanging fiat directly for PAX on the Paxos platform. And secondly, traders will now enjoy the benefits from the stablecoin’s liquidity on the Binance exchange.
As a Paxos portal is now incorporated as a fiat gateway into the Binance.com platform, customers have a possibility to transfer fiat directly to the Paxos platform in order to purchase PAX. As a result, they will get the same amount in PAX directly to their accounts on Binance.
PAX is known to be the most liquid, fully-backed stablecoin currently listed on Binance. It means that traders have a chance to enjoy optimal price discovery. Moreover, it’s very important to highlight that there are no special requirements for the exchanging fiat for PAX: there are no maximum or minimum limits, no transactional fees and the transactions are processed instantly.
Speaking about their new initiative, Changpeng Zhao, Binance CEO, who is better known to the crypto community as just CZ, noted:
“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.”
Charles Cascarilla, CEO and Co-Founder of Paxos, also expressed his enthusiasm about this collaboration. He pointed out that today many people who use PAX trade on Binance. Thanks to being listed on Binance, PAX has experienced significant growth. “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,” added he.
Binance Dives Deep into Stablecoins
Let us also remind you that this it has become known that Binance is going to start issuing proprietary stablecoins. It will happen within two months and the first coin to be issued is Binance GBP. It is believed that such a move will reduce the market share of the current leading stablecoin Tether (USDT) on the platform.
Moreover, in June, the first two stablecoin trading pairs have been listed on Binance DEX. They are trading pairs for USDSB, a Binance Chain-based version of StableUSD (USDS). It is possible to trade this coin against USDT as well as against USDS.
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