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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.

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