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.
.@PaxosGlobal Paxos Releases Fiat Gateway Gateway Solutions and APIs, #Binance is First to Utilize "The new Fiat Gateway is the fastest, simplest $USD on/off ramp for our customers." – @cz_binance https://t.co/JTV0sN1oYY — Binance (@binance) November 12, 2019
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.”
Faster and easier $USD on and off ramp. https://t.co/VUEZf8RbTA — CZ Binance (@cz_binance) November 12, 2019
Paxos API Solution
Paxos announced a second API dubbed as Stabelcoin Swap that will enable 1:1 swaps between Paxos-based stablecoins.
Introducing Paxos API solutions: You can now power your business with our Fiat Gateway, Stablecoin Swap, Trading and Market Data! Excited that @binance is our first customer using our Fiat Gateway solution https://t.co/0Pjt0fORuk — Paxos (@PaxosGlobal) November 12, 2019
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.”