Binance Joins Forces with Paxos for BUSD

Cointelegraph recently reported today 5th of September that Binance and Paxos, a digital asset trust company, announced their partnership to launch a USD backed stablecoin. Furthermore, it was also reported that they have received approval from the New York State Department of Financial Services (NYDFS).

Binance USD will now be available later this month

Asia Rich Teo (Paxos Co-Founder & CEO) stated that the NYDFS’s approval of the stablecoin Binance USD (BUSD) is a vital step towards long term stability in global crypto markets. According to the press release shared with Cointelegraph.

He also stated that:

“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.”

BUSD will be available for direct purchase on a 1:1 price with the U.S. dollars on the Paxos platform. For trading against Bitcoin (BTC), Binance Coin (BNB) and Ripple’s XRP on Binance.com.

CZ is eager to work with Paxos

Changpeng Zhao “CZ” (CEO Binance) also said:

“Paxos is leading the digital trusts space and expressed that Binance is excited to work with them in developing their native stablecoin.”

Moreover, CZ also stated that:

“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”

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