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) $11,505.80 (-3.22%)
  • Ethereum (ETH) $386.06 (-2.70%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $285.04 (-6.16%)
  • Chainlink (LINK) $13.07 (-2.29%)
  • Bitcoin (BTC) $11,505.80 (-3.22%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft