Binance USD Listing on PayPal
PayPal USD (stablecoins) Listing
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Following the recent PayPal listing which confirmed the listing of Bitcoin, Ethereum Litecoin among others on PayPal, a recent tweet also has Binance Dollars— BUSD on the list.
Changpeng Zhao popularly known as CZ clarified some misconception about Binance issuing BUSD. BUSD is issued by Paxos Global.
“BUSD is not issued by @Binance. It is issued by @PaxosGlobal, a NYDFS regulated entity. Fully audited too. We just lend branding support.”
According to the tweet from the Binance Boss, Binance USD appears on the list of other stablecoins and cryptocurrencies to be available on PayPal. These includes:
- Bitcoin Cash etc
Paypal ❤️ #BUSD pic.twitter.com/yo4grGgMyT
— CZ Binance (@cz_binance) October 22, 2020
Earlier before now, Paxos Global the company behind the issuance of Binance USD was selected by PayPal to support the company in it’s endeavors towards cryptocurrencies for listing on PayPal prior to launch.
Quick Facts: Stablecoin is a cryptocurrency backed or pegged 1:1 to a fiat currency. It is not affected by volatility of the cryptocurrency market. It is created to aid ease of crypto transfer to fiat pairs.
Read Also: Understanding What is Stablecoin Like ABCD stablecoin Pegged to Naira and How It Works.
Paxos brokerage from Paxos Global is an API-based solution for making crypto services easy for businesses to use. It allows buying, selling, holding and sending of cryptocurrency while handling all regulatory compliance aspects.
Paxos holds a New York state trust charter and is a qualified custodian, legally permitted to hold gold and digital assets such as bitcoin (BTC) and ether (ETH) on institutional investors’ behalf.
PayPal BUSD is the first 1:1 US dollar-backed white-label stablecoin that is approved by a regulator. Alongside other stablecoins under Paxos’s watch are HUSD launched in partnership with Huobi and PAX which is 1:1 to USD launched by Paxos Global.
PayPal BUSD on eventual listing will boost the Binance ecosystem.