Paxos Adds Auto-Conversion, Directly Swap Fiat To PAX or Binance USD (BUSD) Stablecoins
On Tuesday, Paxos announced the launching of a fresh feature which will enable customers to instantly wire transfer money from different deposit bank accounts directly to Paxos Standard as well as Binance USD. In reverse, BUSDor PAX received by the given Ethereum address will instantly be sent back to the client’s bank account in the form of USD, CoinDesk reports.
Paxos senior product manager, Zack Kwartler, explained that the new feature will be known as Auto-Transfers and will be available in all banks within the US. He explained that there is a need for blockchain-based financial solutions to be closer to the real financial world and Paxos is using this new feature to bring more dollars to the world of blockchain.
Kwartler also explained that Paxos want to change the narrative that stablecoins can only be used for crypto trading and show that they can help in payments as well.
Paxos has been aggressive in the introduction of new services and products in the market in the last few months. Last week, the firm introduced tokenized gold futures dubbed PAX Gold which is currently available on FTX exchange. Additionally, the firm was awarded a no-action license by SEC to enable it settle Equities products through a private blockchain.
The new feature will make it easy for traders to trade on both the PAXD and BUSD as well as open up the payment systems to the two stablecoins. It will now be easier for users to pay using the two stablecoins.