New report from CoinTelegraph reveals that Binance and Paxos have partnered to launch a USD-backed stablecoin which is named as Binance USD (BUSD).
This stablecoin will soon be available for direct purchase on the Paxos platform. Price of Binance USD against the US dollar will be on a 1:1 ratio. The new digital currency will also be launched soon for trading on the Binance cryptocurrency exchange platform and can be traded against Bitcoin (BTC), Binance Coin (BNB) and Ripple (XRP).
Despite the stringent policies of the New York State, this cryptocurrency was able to receive approval from the NY Department of Financial Services. This exciting news is considered by many in the blockchain industry and cryptocurrency community as a positive development on the possibility for greater crypto adoption not just in the United States of America but also by other countries across the globe.
What is Paxos?
Paxos is a financial institution that builds the necessary technological infrastructure for the movement between physical and digital assets. Paxos works on three foundational concepts for their operations. First is custody where they hold and safeguard both physical and digital assets as a regulated trust. Second is digitization where they build the needed technology for these assets to live and move on any blockchain. Third is mobility where they enable the smooth movement of physical and digital assets through an ecosystem of products and services.
What is Binance?
Binance is among the top crypto exchange platforms that was launched in July 2017 with a 30-day average trading volume of $26,663,452,786 (CoinMarketCap). Currently, there are 562 crypto coin markets traded on the Binance platform. It features SAFU (Secure Assets Fund for Users) guarantee which is basically a promise to all cryptocurrency traders and investors using the Binance exchange that their digital assets are secure with it.
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