Binance Integrates Paxos (PAX) Portal to Enable Fiat Wire Transfers to Purchase Cryptocurrencies
Binance is not letting up the “best crypto exchange” tag anytime soon with the exchange’s recent developments making it easier for its customers to buy, sell and trade multiple pairs of cryptocurrencies. The exchange announced a partnership with a digital asset trust company, Paxos, to introduce wire transfer payments to purchase crypto on Binance.
The integration of the Paxos portal on Binance will allow customers and traders to directly wire transfer fiat and receive PAX of an equal amount in their Binance wallet. The process eases the purchase of crypto on the exchange for novices and will also aid the liquidity on Binance.
With a Paxos portal now incorporated as a fiat gateway into the Binance.com experience, customers can wire fiat to the Paxos platform, and receive the same amount in PAX directly in their Binance accounts.
The PAX Portal Is Set to Increase Liquidity on Binance
The introduction of the PAX portal to Binance is a further step forward for Binance exchange owing to the potential liquidity that will be available on the exchange. PAX ranks as one of the most liquid stablecoins on the exchange doubling up as a fully backed stablecoin (as the post reads) which leads to optimal price discovery.
Speaking on the latest partnership with Paxos, Binance CEO, Changpeng Zhao praised the benefits that the portal will bring to his platform saying,
“Easing the PAX gateway on Binance.com means traders will benefit from the liquidity of PAX trading pairs and move more easily between fiat and crypto. We look forward to working with Paxos to grow the ecosystem.”
Since the launch of PAX on Binance last year, a wave of investors have taken up the “fully-backed” stablecoin as their choice of dollar backed digital assets. Binance exchange holds the largest amounts of daily traded volume of PAX with the top two pairs traded – BTC/PAX and PAX/USDT – accounting for a third of the total PAX trading volume.
Charles Cascarilla, CEO and Co-Founder of Paxos believes the partnership with Binance will provide traders with more benefits from
“deep liquidity pools and optimal price discovery”.
Competition is Rife Among Stablecoins
Earlier in May, Paxos introduced an unlimited amount of deposits and withdrawals of PAX tokens for U.S dollars. This shows the stability of the coin and aimed to assure the PAX digital token holders of the fully backed status of the stablecoin. The firm has also started showing PAX and USD balances on user accounts as a single balance to further their stance of having a fully backed stablecoin.
The number of stablecoins are increasing in the market to the detriment of Tether’s (USDT) market share. The top stablecoin is currently dominating the stable coin market with over 50% dominance but the recent scandals and issues relating to Bitfinex may see this share reduced. Furthermore, Binance is planning to start its own stream of stablecoins in the near future, with the British Pound (GBP) backed stablecoin set to be the first to launch.