Leading cryptocurrency exchange Binance will become the first cryptocurrency exchange to implement the fiat gateway of stablecoin operator Paxos. On Nov. 12, Paxos announced the upcoming launch of its Fiat Gateway, a service that allows its users to swap between dollars and stablecoins on a one-to-one basis. A deepening collaboration While the service has been available to Paxos users since May, Binance will become the first to fully integrated it, making it available to all of its customers. Binance CEO Changpeng Zhao hinted that the two companies could deepen their collaboration further in the future: “The new Fiat Gateway is …

Paxos Trust Company announced today that it is set to introduce its Paxos Settlement Service for a number of United States-listed equity securities. In an Oct. 28 press release, digital asset trust company Paxos stated that it is moving forward with the launch of its blockchain-based settlement platform, having received no-action relief from the U.S. Securities and Exchange Commission (SEC). The SEC letter indicated that the agency will not take any action against Paxos, which means the company can now proceed with the roll-out of its settlement platform. Two European banks, Credit Suisse and Société Générale, will be among the …

Over the course of the past few weeks, the global cryptocurrency community bore witness to two major announcements related to stablecoins — with the first being the launch of Paxos’s gold-backed Ethereum token, PAX Gold (PAXG), and the other being the release of Binance’s cryptocoin backed by the United States dollar (BUSD). Paxos, a global digital asset trust firm, announced the launch of its PAXG token via a press release a few days back. In the document, the firm claims that its product is the world’s first crypto asset to be fully redeemable in exchange for physical gold. Not only …

Stablecoin operator Paxos launched PAX Gold (PAXG), a gold-backed Ethereum (ETH) token. Paxos announced the launch of the product above in a press release published on Sept. 5, claiming that it is “the first crypto-asset redeemable for physical gold.” Furthermore, the New York State Department of Financial Services (NYDFS) put forward their approval of the issuance in an official statement, defining it “first gold-backed virtual currency in New York state.” Per the report, each PAXG token will be backed by one fine troy ounce of London Good Delivery gold stored in professional vault facilities in London. Users owning the tokens …

Binance, the biggest crypto exchange by volume, and digital asset trust company Paxos announced its partnership to launch a USD-backed stablecoin, which has received approval from the New York State Department of Financial Services (NYDFS) Binance USD available later this month In a press release shared with Cointelegraph on Sept. 5, Paxos co-founder and CEO Asia Rich Teo shared that the NYDFS’s approval of the stablecoin Binance USD (BUSD) is a vital step towards long term stability in global crypto markets. He continued by saying: “We are proud that our stablecoin as a service offering enables trusted companies like Binance …

The biggest crypto exchange by volume Binance and digital asset Trust company Paxos have integrated a new fiat deposit gateway on Binance’s flagship trading platform. According to a press release published on June 26, the gateway will enable traders to exchange fiat currency for the PAX Standard (PAX) stablecoin on the Paxos platform via wire transfer. The amount will then be reflected directly as a PAX-denominated balance in their Binance accounts. The press release claims that the new fiat on-ramp will foster increased PAX liquidity on the exchange and thus optimize price discovery for traders. All PAX redemptions on Binance …

Chicago-based crypto exchange Seed CX has announced support for stablecoins Paxos (PAX), USD Coin (USDC), and TrueUSD (TUSD) in a press release on May 14. The new stablecoin additions can be traded for U.S. dollars starting May 17, and the exchange is aiming to roll out trading pairs between the stablecoins and other fiat currencies such as the euro in the near future. Seed CX CEO Edward Woodford commented on the impetus to add stablecoin options: “Stablecoins are important in the ecosystem as they increase the velocity of movement of fiat equivalent assets 24/7 and had been requested by a …

CEO Nevin Freeman of stablecoin startup Reserve predicts that central banks will tokenize their currency at some point, but stablecoins will likely still have an advantage in offering privacy. Freeman delivered his remarks at the Consensus 2019 panel “The End of Volatility? Stablecoins on the Rise” on May 15. During the panel, moderator Joel Telpner, a partner at Sullivan & Worcester LLP, asked the speakers why banks could not simply tokenize their national currency and drive fiat-backed stablecoin services out of business. Freeman replied that he thinks banks will do this, but will not offer the same privacy of current …

The company behind the Paxos Standard (PAX) stablecoin announced that its users can now instantaneously redeem unlimited amounts of its tokens for United States dollars. The development was described in a blog post published on May 13. Per the announcement, every PAX deposited on the company’s platform can now be immediately sent as USD to a bank account without minimal redemption requirements or fees for deposits or withdrawals. The company claims: “We launched PAX with a 1 day redemption window, which was groundbreaking. Then we moved to four-hour windows. Now, we’re setting precedence again by offering immediate redemptions today. ” …

Enterprise blockchain platform Ontology (ONT) plans to launch a version of the regulated USD-backed stablecoin Paxos Standard (PAX) on its own blockchain. The company announced the news in a press release published on April 27. Per the release, the new token (PAXO) will be based on Ontology’s OEP-4 token standard, which will enable atomic swaps between the Ontology-based main blockchain and other blockchains. This feature reportedly aims to make it easier for institutions and individuals to do business in fiat terms in the Ontology ecosystem. The company claims that PAX “is the first regulated USD stablecoin that ensures open auditing, …

Blockchain trust company Paxos’ digital token backed by precious metals will be launched "definitely this year," said Paxos CEO, Chad Cascarilla in an interview with Fortune’s Balancing the Ledger on March 11. During the interview, Cascarilla was asked whether Paxos is working on a gold-backed coin, wherein he replied that “it is something we will see definitely this year.” “We are excited about the concept of being able to take a commodity, and I think precious metals are really obvious ones, and gold is probably the most obvious and being able to tokenize it,” Cascarilla added. In order to implement …

Ten financial and tech firms have established an Association for Digital Asset Markets (ADAM) to create a “code of conduct” for the cryptocurrency sector. The launch was announced in a press release published Nov. 27. Among ADAM’s founding members are Mike Novogratz’s crypto merchant bank Galaxy Digital, global financial services firm BTIG, fintech firm Paxos – of recently-launched stablecoin PAX – and crypto liquidity solutions provider GSR. According to the press release, ADAM will focus on working with regulators to seek “comprehensive standards” for digital asset market participants. These will aim to encompass trading, custody, clearing and settlement in the …