Image source: The Cryptomist
Binance recently added PAX stablecoin against 6 six cryptos viz. BTC, ETH, XRP, EOS, and XLM. To celebrate this launch, Binance has announced PAX trading competition involving the prize of 150k PAX.
PAX Trading Competition by Binance
Just recently, Binance expanded its stablecoins options with the addition of Paxos Standard (PAX), a stablecoin whose each coin is pegged by 1 US Dollar, on its platform. The official announcement by the biggest cryptocurrency exchange reads,
“Binance will add the following trading pairs with PAX as a quote asset into the USDⓈ Trading Market/Tab at 2018/11/29 1:00 PM (UTC): BNB/PAX, BTC/PAX, ETH/PAX, XRP/PAX, EOS/PAX, and XLM/PAX.”
The exchange further stated,
“Please note: The existing PAX/BNB, PAX/BTC, PAX/ETH trading pairs will be removed and delisted at 2018/11/30 1:00 PM (UTC). All existing orders in each order book will also be canceled at this time.”
On this development, Charles Cascarilla, the founder and CEO of PAX shared,
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent stablecoin. Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”
Now, to celebrate this, Binance has announced the giveaway of 150k PAX. The official statement says,
“To celebrate the launch of six trading pairs with PAX as the quote pair into the Stablecoin Market (USDⓈ), Binance and PAX have committed a total of 150,000 PAX to give away to our users worldwide. Users will be ranked in terms of the total PAX effective volume traded on their Binance account across all PAX trading pairs during the competition period.”
As for the prizes for this trading competition,
- 1st: Receive 50,000 PAX
- 2nd: Receive 30,000 PAX
- 3rd: Receive 10,000 PAX
- 4th – 10th: 40,000 PAX split evenly
- 11th – 20th: 15,000 PAX split evenly
It also involves a Lucky draw of 100 PAX for each of 50 winners. This Lucky Draw will have users with PX effective trading volume of 1,000 PAX. To ensure the fairness of this, the event will be broadcasted live on various social media platform for which date will be announced later.
The terms of competition involve Binance reserving the right to disqualify trades and cancel or amend the competition. Most importantly, the “effective trading volume consists of buys and sells (excluding wash trades) in BNB/PAX, BTC/PAX, ETH/PAX, XRP/PAX, EOS/PAX, and XLM/PAX trading pairs.” Moreover, within a single competition, participants aren’t eligible to win multiple prizes and rewards will be issued in 2 weeks after the end of the competition.