Paxos, a blockchain-powered fintech firm, revealed that its Paxos Standard token (PAX) will be listed on the world’s largest crypto exchange Binance, the company announced on a press release September 21.
The New York-based fintech company has introduced PAX tokens, the first-ever regulated crypto asset which is fully collateralized one-to-one against U.S. dollars. According to Paxos, stablecoins give holders a digital equivalent of the dollar that can be transferred nearly instantly around the clock.
These are useful for active traders who can use it to convert digital assets more swiftly than if they were to cash out to dollars. Paxos also claims that by using PAX, traders can rest assured that they are using an altcoin that’s regulated and supported by U.S. dollars held at FDIC-insured banks in the country.
Recently at the Consensus Singapore, Binance Co-founder and CEO Changpeng Zhao emphasized that his company sees crypto-to-fiat trading as a major priority. Encouraging and backing regulated stablecoins, the CZ applauded Paxos for “moving the industry forward.”
“Regulated stable coins serve as a perfect middle ground where regulators maintain a large degree of control, but the currency also offers far more freedom than traditional fiat for users. This is a big step in the right direction.”
Prior to listing PAX, the Binance CEO also hinted that they are about to begin private beta testing a crypto-fiat exchange in Singapore that will support the local SG Dollar. This follow another deal with Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, that further thrusts Binance to the top.
“CZ and Binance have built a remarkable exchange that serves the largest global market of digital asset traders,” Paxos CEO & Co-Founder Chad Cascarilla pointed out. “We’re thrilled that they will now have access to Paxos Standard and all the stability, reliability and freedom of movement that it represents.”
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