Binance, the largest cryptocurrency exchange by volume has again played a masterstroke. It has entered into a partnership with a digital asset trust company, Paxos to launch a stable coin. The stable coin has also received approval from the New York State Department of Financial Services (NYDFS).
The Chief Executive and the co-founder of “Paxos” Asia Rich Teo has said the following on the merger and the New York State Department of Financial Services’ approval of the stable coin:
“We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”
— Binance (@binance) September 5, 2019
The stable coin will be known as the Binance United States dollar (BUSD) and as the definition of the stable coin goes it will be available for direct purchase for one United States dollar on the Paxos platform. The stablecoin can also be traded against Bitcoin (BTC) Binance coin (BNC) and Ripple (XRP) on Binance.com.
This merger is indeed a great step in the direction of cryptocurrencies acceptance and is going to give a huge boost to the Crypto market. This partnership will ensure the consolidation of the digital currencies era and can lead to widespread acceptance and usage of digital currencies. The Era of cryptos has begun.