• Sun, 16 Jun 2019, 10:40 PM
  • All times are UTC
  • Edition:
    International
Link copied

Crypto exchange Binance to add Paxos Standard Token (PAX) as stablecoin base pair

Image: Shutterstock

Wed, 28 Nov 2018, 05:06 am UTC

Leading cryptocurrency exchange Binance is going to add Paxos Standard Token (PAX) as a base currency.

The announcement comes as Binance renamed its USDT Market to USDⓈ Market. PAX will become the first stablecoin since Tether to be listed as a base currency on Binance.

According to the official release, PAX will have six trading pairs listed on Binance's USDⓈ Markets against BNB, BTC, ETH, XRP, EOS and XLM, when trading begins at 8 a.m. EST on November 29.

Paxos is a qualified custodian and fiduciary of customer funds, holds customer deposits in FDIC-insured U.S. banks. In September, the New York State Department of Financial Services (NYDFS) authorized Paxos Trust Company to offer Paxos Standard – a stablecoin pegged to the U. S. dollar. Launched on September 10, 2018, PAX is a regulated crypto asset, fully collateralized 1:1 by the U.S. dollar.

"Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a regulated and transparent stablecoin they can trust," said Charles Cascarilla, Paxos co-founder and CEO. "Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large."

Changpeng Zhao, CEO of Binance, said that the exchange decided to add PAX as a stablecoin base pair as it will help to increase the overall liquidity of the crypto market. He added that more trading pairs will be added soon.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,035.36 (+2.33%)
  • Ethereum (ETH) $269.41 (+0.09%)
  • XRP (XRP) $0.425400 (+3.74%)
  • Litecoin (LTC) $136.56 (-0.74%)
  • Bitcoin Cash (BCH) $427.32 (+1.61%)
  • Bitcoin (BTC) $9,035.36 (+2.33%)
Jun 14, 2019 (Friday)
10:49
Crypto Technicals: Bitcoin hovers around 20-DMA, poised for upside resumption
10:35
National Fisheries Institute to begin seafood blockchain pilot with IBM Food Trust
09:43
Reuters, Bloomberg, TradingView add support for new cryptocurrency index ‘CIX100’
09:26
Crypto Technicals: Litecoin retraces brief dip below $129, finds strong support at 110H EMA
09:08
Facebook's cryptocurrency project gets big backers including Mastercard, Paypal, Uber, Visa: Report
08:59
Circle to end support for its payment app, to shift to blockchain-based financial projects
07:27
Bitcoin startup Bitrefill closes $2M seed round led by Coin Ninja
07:21
U.S. FDA picks IBM, KPMG, Merck and Walmart to develop blockchain platform for prescription drugs
06:01
Turkey's BKM launches blockchain-based digital certificate platform co-developed with Microsoft and VeriPark
04:47
Bakkt to begin bitcoin futures testing on July 22
03:32
R3, Bradesco, Itau team up to develop blockchain-enabled platform for foreign trade and insurance: Report
02:36
Brazil considers promoting blockchain in public administration in new proposed bill
02:29
FINRA fines, suspends ex-Merill Lynch advisor for crypto mining business
02:25
Less than 5% of GitHub crypto contributors are women: Study
Jun 13, 2019 (Thursday)
11:25
John McAfee launches new cryptocurrency trading platform
10:27
Indian government-backed learning initiative SWAYAM offers free course on cryptocurrencies and blockchain
10:20
Crypto Technicals: ETH/USD consolidates break above 20-DMA, scope for further upside
09:29
Square Crypto announces former Google director Steve Lee as first hire
08:41
FATF to release new policies for global digital asset industry affecting crypto exchanges, custodians, hedge funds: Report
08:33
Crypto Technicals: Bitcoin Cash edges above 21-EMA, signs of bullish resumption
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft