Binance becomes the first cryptocurrency exchange to implement the fiat gateway of stablecoin operator Paxos.
On Nov. 12 Binance announced the launch of its fiat gateway that would allow users to swap between US dollars and stablecoins.
Paxos service had been available since May, however, the integration with Binance now makes it available to all its users.
The CEO of Binance, Changpeng Zhao further indicated that the partnership would ensure further collaboration in the future.
“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.”
Paxos API Solution
Paxos announced a second API dubbed as Stabelcoin Swap that will enable 1:1 swaps between Paxos-based stablecoins.
Paxos CEO and co-founder Charles Cascarilla explained:
“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.”
Source: Binance | Paxos | Image: coinchoose.com
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