International

Binance Cryptocurrency Exchange Interests In Expanding Its Stablecoin Options Continues

Paxos has recently exposed that Binance, at present the world’s largest cryptocurrency exchange by trading volume, will list Paxos Standard token (ticker symbol PAX). The listing of PAX on Binance indicates a growing and quick demand for a regulated stablecoin. Paxos exchanges PAX tokens one-to-one in contradiction of U.S. dollars, offering holders a digital corresponding of the dollar that can be shifted nearly promptly, 24/7.

Stablecoins are eye-catching to lively traders who can use it to cash out of digital assets more rapidly than if they were to convert to dollars. With the help of PAX, traders can be self-assured that they are using a coin that is regulated and backed by U.S. dollars held at U.S.-domiciled FDIC-insured banks. Paxos is the first digital asset to be accepted and supervised by a regulator.

It is controlled by the New York State Department of Monetary Services. As per Binance, the exchange will firstly support trading of the local shilling unit with Bitcoin Core (BTC) and Ethereum (ETH). There are many trading pairs are to be added in the future months, it thorough, adding that users are exempt from trading fees during the first month.

According to CFO Wei Zhou, the company hopes to be able to list a few more stablecoins on the platform. The Ugandan subsidiary is capable of processing 1.4 million transactions per second, with 24-hour client support, as stated in CoinDesk.

Lately, though, a lot of investors have been come out rather than parking assets in USDT, and Binance cryptocurrency exchange briefly adjourned withdrawals of the stablecoin earlier this week when price fluctuations followed a trading point.

About Paxos

Paxos updates money by rallying assets at the speed of the internet. It has been creating a future where every asset from money to commodities to securities could be digitized and can move immediately 24/7. Payment risk will cease to exist, so tons of dollars of trapped capital can go to work in a worldwide, frictionless economy.

About Binance

Binance is a blockchain ecosystem and is the world’s largest cryptocurrency exchange by trading volume, capable of processing over 1.4 million orders per second. As per PR Newswire, the platform emphases on safety, strength, and implementation speed attracting fanatics and professional traders alike.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
coinmag

As a professional blogger and news writer, Akshada presents unique pieces that are logical, well-structured and appealing to the audience.

Leave a Comment

Your email address will not be published. Required fields are marked *