The crypto industry never ceases to surprise its community. In one such latest development, Binance has now made its collaboration with Paxos public on 26th June 2019. Paxos and Binance, the largest digital currency exchange in the world in terms of trading volume, are coming together for the integration of the upcoming deposit gateway on the trading platform of Binance. Paxos is the first ever regulated Trust entity for digital assets. The entity released a press release on the same day to provide more insights to the crypto enthusiasts on the new partnership.
Through this gateway, traders will be able to directly exchange their fiat for the stablecoin PAX on Paxos platform through the wire transfer process. The equivalent amount will be then directly received in PAX in the Binance accounts of the traders. In addition to that, it will also let the traders take advantage of the liquidity of the stablecoin on Binance exchange.
Optimal price discovery will be another benefit for the traders as PAX is considered the most liquid and completely backed stablecoin that is accessible on Binance. Apart from that, users would be able to enjoy instant processing at zero fees. Moreover, there won’t be any maximum or minimum threshold required to be followed when it comes to deposits or withdrawals.
Changpeng Zhao, the CEO of Binance, came forward to share his thoughts on this new partnership. He stated that the collaboration would let traders benefit from PAX trading pairs’ liquidity and move between crypto and fiat in a more easy way. This partnership would also help advance the platform’s ecosystem, CZ stated.
Charles Cascarilla, Co-Founder and CEO of Paxos, made a statement saying that they have seen PAX grow considerably ever since it was launched on Binance in the previous year. Continuing further, he said that this hassle-free fiat on-ramp would offer more benefits to traders with regards to price discovery as well as liquidity pools.