Paxos announced that the Paxos Standard token (PAX) will be added as a base currency on cryptocurrency exchange, Binance. When trading commences at 8 a.m. EST on November 29, PAX will have six trading pairs listed on Binance’s USD Markets against BNB, BTC, ETH, XRP, EOS, and XLM. Paxos revealed:
“With a circulating supply exceeding $140 million, Paxos Standard’s market cap has continued to grow on a daily basis since its launch on September 10. The addition of PAX on the Binance exchange platform will offer digital asset traders a USD-denominated alternative to Tether (USDT) as a base currency for the first time. PAX is backed 1:1 by US dollars held in FDIC-insured US banks, and a major auditing firm regularly ensures that these bank balances and token balances are consistent through monthly attestations. Paxos and PAX are both approved and regulated by the New York State Department of Financial Services.”
Speaking about the addition of PAX on the Binance platform, Charles Cascarilla, Paxos co-founder and CEO, stated:
“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. 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, went on to add:
“We added PAX as a stablecoin base pair because we believe it will help to increase overall liquidity of the crypto market. More trading pairs will be added soon.”