Binance, the world's largest crypto exchange by adjusted trading volume, and digital asset company Trust Paxos have just launched a new gateway that allows deposits in fiat money on the trading platform of the exchange, according to the press release shared yesterday.
Apparently, this new functionality will allow Binance users to exchange fiat money for the PAX Standard (PAX) stablecoin on the Paxos platform via bank transfer. The balance in PAX tokens will be shown shortly after in their Binance accounts.
This new functionality is reportedly expected to increase the liquidity of the PAX stablecoin on the trading platform.
All deposit and withdrawal transactions with the PAX token will be totally free, meaning that Binance will not charge any fee to encourage its use.
Changpeng Zhao, Binance's CEO, has stressed the importance of facilitating the exchange of fiat money for cryptocurrencies.
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