Paxos’ New Fiat Gateway to be Used by Binance
- The new product allows customers to easily swap between fiat currencies and stablecoins.
- The company has also introduced its Stablecoin Swap service, which lets users swap between stablecoins.
Charles (Chad) Cascarilla, CEO and co-founder of Paxos, talking about cryptocurrency in an interview. CryptoNews
The Paxos Trust Company is launching a new product, which will allow customers to easily swap between fiat currencies and stablecoins, the company said in a press release on 12 November.
According to the announcement, Binance will be the first company to integrate the new fat gateway service, allowing its customers to execute simple swaps between the U.S. dollar and stablecoins issued by Paxos, including both the Paxos Standard (PAX) and the Binance USD (BUSD).
Binance’s CEO, Changpeng Zhao, commented on the new platform:
“Paxos is a trusted partner that keeps innovating ways to make traditional and digital assets more interoperable. 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 the Tuesday press release, Paxos introduced one more offering called Stablecoin Swap, which will allow all stablecoins custodied by Paxos to be treated as interchangeable, and be swapped fee-free at 1:1 ratio.
Though this service was previously only available to customers using the Paxos.com interface, it can now be integrated with other platforms through an application programming interface (API).
Paxos CEO and co-founder, Charles Cascarilla, said:
“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.”
Last month, Paxos entered into a partnership with Alpha Bullion, in order to expand PAX Gold (PAXG) holders option to redeem physical gold with their tokens. PAXG is another stablecoin offered by the company, backed by real gold reserves.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.