• Sun, 08 Dec 2019, 05:50 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Paxos launches new product that streamlines the swap between fiat, stablecoins

Paxos has just released a new solution that allows people to easily swap between fiat and stablecoin, with Binance the first company to use the product.

Image via Paxos Global Facebook Page

Wed, 13 Nov 2019, 09:32 am UTC

Paxos, the New York-based regulated institutional firm, has now released a new product that would aid businesses in transitioning between traditional and digital assets. Called the Fiat Gateway, the solution allows users to easily swap between dollars and stablecoins under the Paxos umbrella.

The swap will be on a one-to-one basis, which includes Paxos Standard (PAX) – the native cryptocurrency of Paxos, and Binance USD (BUSD). Binance, the world’s leading crypto exchange by trading volume, will be the first crypto exchange to use the Fiat Gateway.

Both entities have been working together in the past and this is but the latest project that was spawned by the partnership. Binance CEO Changpeng “CZ” Zhao said in a press release published on Nov. 12 that this collaboration will simplify its customers' swap transactions and praised Paxos for its continued effort in pushing the crypto market forward.

More APIs

“Paxos is a trusted partner that keeps innovating ways to make traditional and digital assets more interoperable. 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,” CZ said.

Despite saying that Binance will be working with Paxos in other solutions, CZ didn’t specify what sort of projects they’re going to be launching next. In addition to Fiat Gateway, Paxos has also launched the Stablecoin Swap, an application programming interface (API) that helps people exchange stablecoins on a one-to-one basis free of charge if they’re under Paxos.

Trading APIS and Paxos Market Data have also been launched, with the former providing automated trading solutions for people exchanging bitcoin and ethereum against fiat. The latter, on the other hand, is an API that allows people to peer into Paxos’ order book, pricing information, and trade data.

An open financial system

“We created these APIs so our technology can become more widely available and scalable. Our aim is to create a financial infrastructure that others can utilize and build on, so together we can create a modern, open financial system, said Paxos CEO and co-founder Charles Cascarilla.

These new products were released in the wake of the Securities and Exchange Commission (SEC) giving Paxos a no-relief action a couple of weeks ago. The decision provides Paxos the freedom to settle certain listed U.S. equity securities, with Credit Suisse and Société Générale the first companies to use the service.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,503.02 (-0.86%)
  • Ethereum (ETH) $148.79 (-0.55%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $211.95 (-1.42%)
  • Litecoin (LTC) $45.65 (-0.64%)
  • Bitcoin (BTC) $7,503.02 (-0.86%)
Dec 6, 2019 (Friday)
13:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:19
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
11:18
South Korean consortium to provide blockchain-based ID services via mobile app in 2020
10:31
Crypto Technicals: BCH/USD intraday bias turns slightly bullish, scope for test of 20-DMA (220.99)
10:00
Bitfury launches enterprise blockchain platform ‘Exonum Enterprise’
08:44
CULedger reveals an EFT payment solution for credit unions in collaboration with R3, Luxoft
07:37
Reserve Bank of India governor against the development of private digital currencies
07:34
Ripple asks court to dismiss XRP securities lawsuit in latest filing ahead of court meeting
07:30
Crypto Technicals: ETH/USD struggles to extend recovery, finds stiff resistance at 200H MA at 149.77
05:47
Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round
05:03
Blockchain firm ChromaWay acquires Antler Interactive after setting up its gaming arm Chroma Studios
04:42
Galaxy Digital-backed Flipside Crypto hires Accenture Managing Director Matt Bridges as COO
04:23
Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA
03:56
Canadian mining firm goes belly up; Owes local, federal government hundreds of thousands
03:54
New crypto derivatives trading platform Phemex can manage 300,000 TPS, says core developer
03:51
Microsoft creates blockchain-based incentive scheme with Enjin to recognize active members of Azure community
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft