Binance Integrates Paxos' New Fiat Gateway for Fiat and Stablecoin Swap

The New York-regulated company announced that the largest cryptocurrency exchange, Binance has already adopted the solution. Hence, the crypto exchange becomes the first to integrate the new fiat gateway solution.

The CEO of Binance, CZ (Changpeng Zhao) said:

"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."

Through the fiat gateway, the crypto-native platform can accept dollar deposits and equally convert them to preferred stablecoins. Precisely, they can switch to Binance USD (BUSD) and Paxos Standard (PAX) for use on their platform.

In addition, users can seamlessly swap one stable coin for another without fee, in just a single step. However, the feature is only available for all stablecoins custodied by Paxos.

Moving forward, the solution can be integrated into other platforms through an API. Therefore, qualified businesses can use the new tools directly as a first-party for their transactions. They can also choose to host the solutions as a third-party for their customers.

Paxos Hosts Automated Trading Solutions

It also features robust automated trading solutions (FIX & REST) for algorithmic traders and institutions. This also includes other active participants that trade cryptos like Bitcoin (BTC) and Ether (ETH) against fiat currencies.

"We created these APIs so our technology can become more widely available and scalable. Our aim is to create a financial infrastructure that others can utilize and build on, so together, we can create a modern, open financial system." The CEO and co-founder of Paxos, Charles Cascarilla, said.

By establishing a system that allows movement between physical and digital assets, Paxos creates a future where all assets are digitized.