Paxos Introduces New Fiat Gateway Solution, Binance Chosen as the First-Ever to Implement it

New Paxos Fiat Gateway service launches as a way for crypto exchange users to fund accounts easier with fiat money as Binance becomes the first trading platform to integrate the swaps.

Regulated financial institution focusing on digitalizing assets, Paxos Trust Company introduced a new product on Tuesday, November 12, 2019, that businesses can use to bridge the gap between traditional and digital assets. As per the press release, the first crypto exchange to implement this Fiat Gateway solution will be none other than Binance.

CEO of Binance, CZ (Changpeng Zhao) has since expressed the benefits of implementing this service. In particular, he 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.”

Here’s what you need to know about the Fiat Gateway:

  • Enables customers to effectively swap between dollars and stablecoins
  • Stablecoin swap allows Paxos-powered stablecoins to be interchanged on a 1 to 1 ratio
  • Besides transacting on Paxos.com, the service can be integrated via API
  • Businesses can use the service as a first-party

According to the CEO of Paxos, Charles Cascarilla, the decision to create APIs simply rests in the need for a solution that is accessible and scalable. Moreover, Cascarilla said:

“Our aim is to create financial infrastructure that others can utilize and build on, so together we can create a modern, open source financial system.”

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Nirmala Velupillai
Nirmala Velupillai
Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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