Binance in Collaboration with Paxos Launches Fiat Deposit Gateway making it easy to Exchange Stablecoins for Fiat

June 27, 2019 By: Nwabundo Wisdom

 

Major cryptocurrency exchange Binance in collaboration with digital assets Trust company Paxos have launched a new fiat deposit gateway on Binance native trading platform, as reported from a source on June 26.

Per the report, the new fiat deposit gateway will enable traders to exchange fiat for PAX standard stablecoin on Paxos platform through wire transfer, and the balance, displayed in their Binance accounts as PAX-denominated tokens.

The report also revealed that the new fiat deposit gateway will enable increased PAX liquidity on Binance exchange, thereby maximizing price discovery by traders. It also revealed that redemption of PAX tokens on Binance will be executed at Zero cost, and that there will be no minimum or maximum limit for withdrawals and deposits.

Binance CEO, Changpeng Zhao, in reaction to this emphasized on the benefit of easing fiat crypto exchange and also providing support for fully-backed stablecoin like PAX. This he said, will contribute to the growth of the trading ecosystem.

Just recently, Paxos enabled its users to redeem unlimited amount of its tokens in exchange for U.S. dollars.

In another report in June 2019, Binance announced the launch its native British pound-pegged stablecoin Binance GBP, with £200 of the stablecoin already minted. Binance also disclosed intentions to create more stablecoins pegged to other national currencies in the near future. In creating native stablecoins, Binance hopes to reduce the market share of major competitor stablecoin Tether (USDT), who currently holds about 50% in stablecoin volume.

In addition, Binance in collaboration with venture capital startup Stably, also launched another  stablecoin USDSB with two trading pairs which include: USDSB/USDT and USDSB/USDS on its decentralized exchange Binance DEX, trading reportedly commenced on June 24.

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