Paxos, a trust company regulated by the New York State Department of Financial Services, has partnered with Binance, the world’s largest crypto exchange, to integrate a new deposit gateway.
According to Paxos, the portal will allow traders to exchange fiat directly for PAX on the Paxos platform and benefit from the stablecoin’s liquidity on the Binance exchange thus creating a fiat gateway.
PAX is a USD backed stablecoin with a market cap of about $140 million. Its trading volume on Binance is said to be the most liquid stablecoin on the exchange.
Binance CEO, CZ (Changpeng Zhao), commented on the partnership saying, PAX as a gateway on Binance.com means traders will benefit from the liquidity of PAX trading pairs and move more easily between fiat and crypto.
“We look forward to working with Paxos to grow the ecosystem.”
“We’ve seen significant growth of PAX through Binance since we launched on the platform last year. We believe this easy fiat on-ramp with PAX to Binance will make it even better for traders to benefit from deep liquidity pools and price discovery.”
Paxos has raised over $93 million in VC capital. The company has some prominent board members including Sheila Bair and former Senator Bill Bradley.