The PAX stablecoin is backed 1:1 by US dollars held in FDIC-insured US banks. Constant auditing assures that the bank balances match the supply in the crypto markets.
The team at Binance has just announced that they will be adding the Paxos Standard Token (PAX) as a base currency in the platform’s new Combined Stablecoin Market (USDⓈ).
The team went on to announce that the following trading pairs will now be active in the new market effective November 29th at 1pm UTC.
- BNB/PAX
- BTC/PAX
- ETH/PAX
- XRP/PAX
- EOS/PAX
- XLM/PAX
Delisting of PAX Pairs with the Base Currencies of BTC, ETH and BNB
The exchange went on to add that they would be delisting other trading pairs of PAX with different base currencies. The announcement went on to state the following:
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.
About Paxos and Its Future at Binance
The firm behind the stablecoin is also known as Paxos and plans to modernize finance by digitizing assets to solve existing settlement risks associated with traditional methods. Paxos is the first regulated Trust Company with blockchain expertise.
Charles Cascarilla, Paxos co-founder and CEO, had this to say about the new development at Binance:
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.
Binance Eyes Institutional Investors
The move by the exchange to change the Tether (USDT) market to a Combained Stable Coin Market (USDⓈ), might be a few of many to attract institutional investors to trade on the platform.
Earlier this month, the exchange a bunch of new features aimed at catering for the needs of institutional investors.
Binance went on to state that it was preparing beforehand for the potential demand in the future through the following actions.
- Continuing to build the technology required to provide the highest level of security, reliability and liquidity on its platform
- Quality selection of tradable tokens and coins
- Services catered specifically for high volume traders such as its tiered trading fee discount program
- Increased support for corporate accounts including customization of API and withdrawal limits
- Creating a new division known as Binance Research
- Plans to create Sub-Accounts for Institutional investors. Each client could have the possibility of 200 such sub accounts under one account