CZ on Paxos' Fiat Gateway: 'Fastest, Simplest U.S. Dollar On/Off Ramp' for Binance Users

On Tuesday (November 12), Paxos Trust Company (aka "Paxos") announced a new Fiat Gateway that "enables a seamless bridge between traditional and digital assets," and said that Binance is "the first to integrate it."

Paxos, "a regulated financial institution building infrastructure to enable movement between physical and digital assets," announced via a press release shared with CryptoGlobe that its new "Fiat Gateway" solution allows easy swaps between dollars and dollar-backed stablecoins. This allows a crypto exchange such as Binance can "use Fiat Gateway to accept dollar deposits and convert them into PAX for use on the platform."

Another Paxos solution, "Stablecoin Swap", "enables Paxos-powered stablecoins to be treated as interchangeable with each other, 1:1." Examples of Paxos-powered fiat-collateralized stablecoins are Paxos Standard (PAX) and Binance USD (BUSD).

Changpeng Zhao (aka "CZ"), Co-Founder and CEO of the first crypto exchange to adopt Paxos' Fiat Gateway, had this to say:

Paxos is a trusted partner that keeps innovating ways to make traditional and digital assets more interoperable. 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.

Although these two capabilities have been available for a while for users of the Paxos.com platform, new APIs allow them to be "integrated into other platforms":

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.

Charles Cascarilla, Paxos Co-Founder and CEO, stated:

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.

 

Featured Image Courtesy of Paxos Trust Company

Coinbase, EOS Community Clash Over Supposed ‘Degraded Performance’

Francisco Memoria

The San Francisco-based cryptocurrency exchange Coinbase has been clashing with the EOS community on social media over supposed “degraded performance” the EOS network has been suffering.

According to a tweet published by one of Coinbase’s official accounts, the EOS network is experiencing “degraded performance levels” and as a result EOS sends have been disabled, while receives may be delayed. Coinbase’s status page shows it has been seeing degraded performance on the network for four days.

In February 17, Coinbase also noted there were delays in EOS sends/receives as it was working “rough a backlog of outgoing EOS transactions.” Responding to Coinbase EOS New York, a major EOS block producer, claimed the network was fully functional and that the problem came from the cryptocurrency exchange itself.

On Reddit, EOS New York wrote that the “network is operating fine and Coinbase is shifting blame away from their internal infrastructure problems.” It added no other entity reported issues and that instead the exchange could reach out to block producers for free help.

EOS Nation, another major EOS block producer, responded to the exhcnage saying the network did face some hiccups but is nevertheless “extremely reliable.”

Some speculate the EOS network may still be facing congestion from time to time over the controversial EIDOS airdrop, that put the network into a “congestion mode” late last year and forced Coinbase to raise the amount of staked CPU on its wallets to process transactions.

Some believe the EIDOS airdrop is being run to make EOS’s shortcomings stand out and incentivize users to use other blockchains using the EOSIO software, created by the company Block.one. Voice, the social network the company is set to launch ,is for example launching on a “purpose-made EOSIO blockchain.”

Featured Image Credit: Photo via Pixabay.com