The biggest crypto exchange by volume Binance and digital asset Trust company Paxos have integrated a new fiat deposit gateway on Binance’s flagship trading platform.
According to a press release published on June 26, the gateway will enable traders to exchange fiat currency for the PAX Standard (PAX) stablecoin on the Paxos platform via wire transfer. The amount will then be reflected directly as a PAX-denominated balance in their Binance accounts.
The press release claims that the new fiat on-ramp will foster increased PAX liquidity on the exchange and thus optimize price discovery for traders.
All PAX redemptions on Binance will reportedly be zero-fee, and not be subject to minimum or maximum thresholds for withdrawals and deposits.
In a statement, Binance CEO Changpeng Zhao — commonly known as “CZ” — underscored the importance of easing fiat-crypto exchange and providing support for liquid and fully-backed stablecoins such as PAX in order to grow the platform’s trading ecosystem.
As reported, Paxos has recently enabled users to instantly redeem unlimited amounts of its tokens for United States dollars. In parallel, the firm shifted to showing user accounts for PAX and USD as a single balance on its platform to follow through with its vision of the token as a bonafide digital dollar.