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.”
