Binance Exchange Adds PAX Stablecoin, Available Now And Opens Deposits
Binance, one of the biggest cryptocurrency exchanges based on trading volume, today announced that they will list the Paxos token on its platform. This new Binance listing indicates an immediate and growing need for regulated stablecoins.
Paxos offers and redeems its PAX tokens on a 1:1 ratio against the USD currency, thus giving coin holders the virtual equivalent of US dollars that you can move almost instantly.
Stablecoins are very appealing to day traders who use them for cashing out virtual assets quickly as compared to if they converted the cryptocurrencies to dollars. Through using PAX tokens, traders can rest easy knowing that the coin they are using is not only regulated but also backed by the US dollar.
— Binance (@binance) September 21, 2018
As Changpeng Zhao, the Binance CEO, commented earlier during the week at a conference in Singapore, cryptocurrency-to-fiat currency trading was a critical priority for the company. Zhao added that he was excited that Binance had chosen PAX as an entry point into stable coins. The CEO also added that stable coins acted as the ideal middle ground in which the regulating institution can maintain lager levels of control while the cryptocurrency provides more freedom compared to conventional fiat currencies. Zhao noted that Binance highly encouraged and supported stable coins while applauding PAX for its role in pushing the crypto sector forward.
According to Chad Cascarilla, the Paxos Co-Founder and CEO, Binance has created an outstanding crypto exchange that is serving the biggest international market of virtual asset traders. Chad commented that he was excited that Binance will now get access to PAX tokens and all its significant benefits of reliability, stability, and freedom of quick funds movement.
The Paxos mission is to modernize the finance sector through mobilizing virtual assets a high transaction speed. The platform is creating a solution where all types of assets, ranging from securities to commodities will be conveniently digitized so that they can move instantly, for 24/7. The result will be that multi-trillion-dollar trapped capital will finally be free to work within a universal, frictionless economy. As the primary regulated stable coin, PAX is distinctively positioned to quickly mobiles and take custody of digital assets.
The Binance blockchain ecosystem comprises of a leading crypto exchange, labs, academy, charity foundation, and launchpad. Binance Exchange represents the largest crypto exchange in the world when considering daily trading volume. This high-tech crypto exchange can process up to 1.4 million transactions or orders every second, which makes it among the fastest virtual exchanges in the industry. Most importantly, the exchange platform is built around core features like robustness, execution speed and security, allowing it to attract both expert traders and enthusiasts alike.