Binance, Paxos simplify exchanging of fiat directly for PAX stablecoin
The world’s largest cryptocurrency exchange Binance and stablecoin issuer Paxos have collaborated to simplify exchanging of fiat directly for the stablecoin Paxos Standard (PAX).
Paxos announced the news Wednesday, saying that the new deposit gateway will allow customers to buy or redeem the dollar-pegged stablecoin with “no fees, no minimums or maximums, and instant processing.”
“We believe this easy fiat on-ramp with PAX to Binance will make it even better for traders to benefit from deep liquidity pools and price discovery,” said Paxos CEO and co-founder, Charles Cascarilla. Binance CEO, Changpeng Zhao said that easing the gateway will help traders benefit from the liquidity of PAX trading pairs and move “more easily” between fiat and crypto.
Last month, Paxos also revamped redemptions process for its stablecoin, meaning every PAX deposited on the firm’s platform can now be immediately sent to a bank as USD. The firm also recently rolled out a new feature called Auto-Transfers to help customers buy and send PAX to external wallets and exchange accounts faster.
