- PAX to become a new base cryptocurrency in Binance
- Paxos plans to revolutionize the digital asset industry
- Binance is preparing to attract institutional investors
Leading cryptocurrency exchange Binance has made Paxos Standard (PAX) a new base currency on its platforms. The addition means the Stablecoin can now be paired with other digital assets and that traders have one more coin in addition to the controversial Stablecoin Tether (USDT).
Binance Focuses on the Growing Stablecoin Market
Team Binance made the announcement on Tuesday, November 27, 2018, saying Paxos Standard (PAX) joins the platform’s new Combined Stable Market (USDⓈ) effective November 29, 2018, at 1 pm UTC adding that the exchange would be delisting other trading pairs of PAX with different base currencies. The announcement stated:
“Please note: The existing PAX/BNB, PAX/BTC, PAX/ETH trading pairs will be removed and delisted at 2018/11/30 1:00 PM (UTC). All existing orders in each order book will also be canceled at this time.”
The company behind PAX, also known as Paxos, has announced it plans to revolutionize finance by digitizing assets to resolve the problems associated with settlement risks in conventional methods. Paxos becomes the first regulated Trust Company to introduce blockchain technology in its operations.
The PAX Stablecoin has a 1:1 backing of U.S. dollars that are held in FDIC-insured United States’-based banks. The constant auditing will ensure that the company’s bank balances are equivalent to their cryptocurrency supply in the market. Commenting on the new development, Paxos co-founder and CEO Charles Cascarilla said:
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent Stablecoin […] 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.”
Jumping on the Conservative Institutional Investors
Paxos, which was founded in September 2018 by the Paxos Trust Company and is approved and regulated by the New York Department of Financial Services, has been built on Ethereum’s blockchain. The Stablecoin offers users a digital alternative to the United States’ dollar and can make financial settlements and can be fully redeemed directly via Paxos.com. The Stablecoin will now trade against the Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS and Stellar Lumens (XLM).
The move by the exchange to add PAX to its stable comes only one day after Binance renamed its USDT Market to a Stablecoin Market (USDⓈ), in preparation to supporting more Stablecoins on its platform. The exchange has also added a horde of new features that are exclusively aimed at catering for institutional investors, who are keen on entering the crypto sphere.