Paxos debuts fiat gateway with Binance crypto exchange as its first client

eading cryptocurrency exchange Binance became the first cryptocurrency exchange to implement the fiat gateway of stablecoin operator Paxos.

On Nov. 12, Paxos announced the launch of its Fiat Gateway, a service that allows its users to swap between dollars and stablecoins on a one-to-one basis.

A deepening collaboration

While the service has been available to Paxos users since May, Binance has fully integrated it, making it available to all of its customers. Binance CEO Changpeng Zhao hinted that the two companies could deepen their collaboration further in the future:

“The new Fiat Gateway is the fastest, simplest U.S. dollar on/off ramp for our customers. We look forward to working more closely with Paxos to integrate additional solutions.”

The two firms have worked together in the past. In June, Paxos allowed its user to deposit fiat currency onto its platform and have the balance appear directly in PAX stablecoins in their Binance accounts.

In September, Binance partnered with Paxos to jointly launch a new U.S. dollar-backed stablecoin regulated by the New York State Department of Financial Services.

An interoperable, open system

In addition to its Fiat Gateway, Paxos announced a second application programming interface (API) dubbed Stablecoin Swap that will allow 1:1 swaps between Paxos-based stablecoins. Paxos CEO and co-founder Charles Cascarilla explained:

“We created these APIs so our technology can become more widely available and scalable. Our aim is to create financial infrastructure that others can utilize and build on, so together we can create a modern, open financial system.”

Source: cointelegraph.com

5 thoughts on “Paxos debuts fiat gateway with Binance crypto exchange as its first client

  1. Hi, Neat post. There’s a problem with your website in internet explorer, would check this… IE still is the market leader and a good portion of people will miss your magnificent writing due to this problem.

  2. This is really fascinating, You’re an excessively skilled blogger. I’ve joined your feed and look forward to in search of extra of your excellent post. Also, I have shared your web site in my social networks!

  3. Together with every thing which seems to be developing within this area, many of your opinions are actually very radical. However, I beg your pardon, but I can not subscribe to your entire suggestion, all be it refreshing none the less. It looks to everybody that your commentary are not totally justified and in simple fact you are your self not thoroughly confident of the assertion. In any event I did appreciate examining it.

Leave a Reply

Your email address will not be published. Required fields are marked *

Language »