Binance, Paxos Simplifies Exchange Between Stablecoins & Fiat Currency
Binance, to facilitate customers of its trading platform, has facilitated a unique deposit gateway by partnering with Paxos, a crypto asset Trust company.
The facility allows traders to exchange fiat money for the stablecoin PAX (PAX Standard) on the Paxos platform through wire transfer. The PAX stable coins, corresponding to fiat money, will be credited in the client’s Binance trading account.
Both PAX and Binance believe that the facility will improve liquidity of PAX on the exchange and result in better price discovery of assets. No fee will be charged for PAX redemptions. Furthermore, there will not be any minimum or maximum withdrawal limits.
Changpeng Zhao, CEO of Binance, widely called as “CZ”, explained the relevance of simplifying fiat-crypto exchange and offering support for PAX, a stable coin, for improving the trading environment.
Of late, Paxos has facilitated users to instantaneously exchange unlimited quantity of its crypto for the US dollars. Simultaneously, in an attempt to become trustworthy crypto among users of stable coins, the platform showed USD and PAX as a single balance on its webpage. The process enables the stablecoin to achieve its vision of being a certified digital dollar.
Binance CEO recently confirmed that the exchange is planning to introduce stablecoins in the next two months. To begin with Binance GBP, a pound-pegged coin is planned to be introduced. One of the arguments in favor of the launch is that it will bring down the share of Tether, the controversial US dollar-pegged crypto.
Presently, among the stable coins, Tether has a market share of 50% on the Binance platform.