Binance Launches New Paxos Standard Token (PAX) and BNB Coin Trading Pair
Binance Prepares For Launch Of New Trading Pair – PAX And BNB
In a recent post on the official Binance website, the company announced that a new trading pair would become available on September 29th at 10:00am – PAX/BNB. The plan is that the company will make other trading pairs available soon, but they need to see more PAX deposits come into the platform before they adapt it to pair with more tokens.
The PAX, which is also known as the Paxos Standard Token, is the first crypto asset in the industry to be completely regulated, which is by the New York State Department of Financial Services. Still, it requires the Ethereum blockchain to function, which give it all of the benefits of other crypto assets and decentralization. The Binance website features a full list of the fees for withdrawals concerning other tokens on their platform. However, all of them require a minimum purchase of 0.001 BTC, regardless of the trading pair.
The addition of the PAX token onto their platform is a clear indication that Binance and the rest of the world need to establish more stablecoins for the industry. Every PAX token is exchanged at a 1:1 rate with the dollar. Furthermore, the ability to move these tokens at an almost instant pace is part of the massive appeal.
Stablecoins are often beneficial to trader that prefer not to hold onto cryptocurrency for long, cashing them out quickly. The PAX tokens are both regulated and backed at a token-to-dollar ratio that is appealing to traders that prefer more consistency from their investments. The whole goal of Paxos is to make the finance sector remain modernized with the times, ensuring fast transaction speeds at any time of day.