NEW YORK, Sept. 21, 2018 /PRNewswire/ -- Paxos today revealed that Binance, currently the world's largest crypto exchange by trading volume, has announced it will list our Paxos Standard token (ticker symbol PAX). The listing of PAX on Binance signifies a growing and immediate demand for a regulated stablecoin.
Paxos issues and redeems PAX tokens one-to-one against U.S. dollars, giving holders a digital equivalent of the dollar that can be moved nearly instantly, 24/7. Stablecoins are attractive to active traders who can use it to cash out of digital assets more quickly than if they were to convert to dollars. By using PAX, traders can be confident that they are using a coin that is regulated and backed by U.S. dollars held at U.S.-domiciled FDIC-insured banks. Paxos Standard, regulated by the New York State Department of Financial Services, is the first digital asset to be approved and overseen by a regulator.
As Binance CEO Changpeng Zhao (CZ) alluded to earlier this week at Consensus Singapore, crypto-to-fiat trading is a major priority for his company. We are thrilled that Binance has chosen to use Paxos Standard as a point of entry. CZ went on to say: "Regulated stable coins serve as a perfect middle ground where regulators maintain a large degree of control, but the currency also offers far more freedom than traditional fiat for users. This is a big step in the right direction. We highly encourage and support regulated stable coins, and we applaud Paxos for moving the industry forward."
"CZ and Binance have built a remarkable exchange that serves the largest global market of digital asset traders. We're thrilled that they will now have access to Paxos Standard and all the stability, reliability and freedom of movement that it represents," said Paxos CEO & Co-Founder Chad Cascarilla.
Find more information on Paxos Standard at: https://www.paxos.com/standard/
Digital assets involve a degree of risk. Currently, there is a relatively small use of crypto assets in the retail and commercial marketplace, and the regulatory landscape is complex and rapidly evolving. There are also technical risks associated with third-party blockchain exchanges and networks, for which Paxos is not responsible.
Paxos is on a mission to modernize finance by mobilizing assets at the speed of the internet.
Paxos is building a future where all assets—from money to commodities to securities—will be digitized and can move instantaneously, 24/7. Settlement risk will cease to exist, so trillions of dollars of trapped capital can go to work in a global, frictionless economy.
Today, as the first regulated Trust company with blockchain expertise, Paxos is uniquely positioned to mobilize and custody assets digitally.
Visit www.paxos.com for more information on Paxos and its institutional-grade products like the Paxos Standard token and Paxos Confirmation Service for precious metals. Visit www.itBit.com for the crypto-asset exchange and related services including escrow, custody and OTC trading.
PAX and Paxos Standard are trademarks of Paxos Trust Company, LLC
Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy and Charity Foundation. Binance Exchange is the world's largest cryptocurrency exchange by trading volume, capable of processing over 1.4 million orders per second, making it one of the fastest exchanges in the world. The platform focuses on security, robustness, and execution speed––attracting enthusiasts and professional traders alike.