Paxos Trust Company has announced that Binance will be the first exchange to integrate its new solution called the Fiat Gateway.
Fiat Gateway is a solution that allows customers to easily exchange US dollars (USD) with stablecoins issued by Paxos, including Paxos Standard (PAX) and Binance USD (BUSD).
Another similar solution is the Stablecoin Swap, which allows direct exchange between the stablecoins held by Paxos in one step and without fees.
Until now, these features were only available to customers who made transactions directly on the user interface of Paxos.com, while now they can be integrated into other platforms through special APIs.
The APIs can be found on Paxos’ new developer portal, and are also available for other platforms.
Paxos Trust Company is a regulated financial institution that is digitising assets, such as fiat currencies, in order to connect traditional and digital assets.
Paxos CEO and co-founder Charles Cascarilla said:
“We created these APIs so our technology can become more widely available and scalable. Our aim is to create financial infrastructure that others can utilize and build on, so together we can create a modern, open financial system”.
Binance CEO Changpeng CZ Zhao added:
“Paxos is a trusted partner that keeps innovating ways to make traditional and digital assets more interoperable. The new Fiat Gateway is the fastest, simplest U.S. dollar on/off ramp for our customers. We look forward to working more closely with Paxos to integrate additional solutions”.