Binance is first client for Paxos new dollar gateway
Paxos, a New York based regulated trust company for digital assets, announced today the launch of its Fiat Gateway Solutions and APIs.The solutions provide crypto-native businesses the ability to accept dollar deposits and convert them into stablecoins issued by Paxos for use on their platform. The solutions also allow users to swap stablecoins freely for all stablecoins custodied by Paxos. At launch Paxos will support both Paxos Standard ($PAX) and Binance USD (BUSD) stablecoins.
Why it matters:
- Part of what drove Tether's success is that it allowed cryptocurrency exchanges, which have historically had trouble maintaining banking relationships, to outsource custody of fiat currencies to Tether Limited. Tether’s existence on public blockchains allows traders and exchanges to efficiently move USD between exchanges using the blockchain as a settlement layer. With it’s new Fiat Gateway solution, Paxos may be able to provide this utility more seamlessly, transparently, and effectively.
- The announcement marks yet another fiat gateway for Binance, which has been rapidly rolling out fiat-to-crypto exchanges around the world throughout 2019.
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