Paxos Trust Company, the regulated financial institution that digitizes and mobilizes assets, today introduced new solutions that businesses can utilize to bridge between traditional and digital assets. Binance, a global cryptocurrency exchange and blockchain ecosystem, will be the first to integrate its new Fiat Gateway solution.
"Paxos is a trusted partner that keeps innovating ways to make traditional and digital assets more interoperable," said CZ (Changpeng Zhao), Binance CEO. "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."
Fiat Gateway enables customers to easily swap between dollars and stablecoins. Stablecoin Swap enables Paxos-powered stablecoins to be treated as interchangeable with each other, 1:1. Whereas these capabilities were previously only available for customers transacting directly on the Paxos.com user interface, now they can be integrated onto other platforms via API. Qualified businesses will be able to use these new tools directly for their own transactions as a first-party, or they can host the solutions as a third-party for their customers to utilize.
The new Paxos Developer Portal hosts more information about all Paxos APIs and solutions, including:
- Fiat Gateway - A solution that enables customers to easily swap between dollars and stablecoins issued by Paxos, including both Paxos Standard (PAX) and Binance USD (BUSD). For example, a crypto-native platform could use Fiat Gateway to accept dollar deposits and convert them into PAX for use on the platform.
- Stablecoin Swap - Seamlessly swap one stablecoin for another in one step without fees. Available for all stablecoins custodied by Paxos.
- Trading APIs - Powerful automated trading solutions (FIX & REST) for institutions, algorithmic traders and other active traders who trade BTC and ETH against fiat.
- Paxos Market Data - HTTP-based API that provides access to the Paxos order book, pricing data and trade data.
Charles Cascarilla, Paxos CEO and co-founder, commented, "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."