Paxos Debuts Fiat Gateway With Binance Crypto Exchange as Its First Client
Adrian Zmudzinski's original article for cointelegraph.com reduced by 59%
Leading 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 collaborationWhile the service has been available to Paxos users since May, Binance has fully integrated it, making it available to all of its customers. "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." 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 systemIn addition to its Fiat Gateway, Paxos announced a second application programming interface dubbed Stablecoin Swap that will allow 1:1 swaps between Paxos-based stablecoins.
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