October 8 2019

New Cryptocurrency Secured by Gold 👑

According to Reuters, the financial company Paxos Trust Company, regulated by the New York City Department of Financial Services (NYDFS), announced the launch of the PAX Gold cryptocurrency backed up by real gold.🥇

PAX Gold is built on the Ethereum blockchain, so it can easily integrate with various crypto exchanges, credit platforms, wallets and other crypto products.💱

“If you come to us and buy one ounce of gold, you send 1,500 Paxos tokens, and we give you one ounce. This ounce is the valid legal name for an ounce of gold bars in a Londons vault” –  said Charles Cascarilla, CEO and co-founder of Paxos, in an interview with Reuters.🤔

PAXG tokens can be redeemed in exchange for physical gold bars at partner organizations, for example, in New York Bullion Exchanges or London Brink’s. The list of these organizations will be expanded.🔍

Cascarilla considers PAXG a solution to one of the biggest problems of gold as an asset – immobility. Since it is very difficult to move gold, investors who want to speculate on the price usually choose derivatives rather than trading directly with real gold.📝

In addition to simplifying the trade in gold, the usefulness of a new token can consist in diversifying the portfolios of participants in the cryptocurrency market.🔥

The attractiveness of holding gold in a cryptographic portfolio can be confirmed not only by its relatively stable value, but also by the growth of its price. Over the past six months, the price of gold has grown by 18%, and average daily trading volumes have exceeded $ 112.5 billion, which is about five times more than the entire Dow Jones.🛅

Another aspect of PAXG could be its involvement in lending.

Genesis Global Trading, SALT Lending and Nexo have already expressed interest in a stable Paxos gold-backed coin and are ready to provide loans against PAXG.📝

The PAXG token will be available to both institutional and individual traders. Customers will be able to buy and sell their PAX Gold tokens to any other participant through various blockchain networks, which then register the reassignment of gold ownership.🥇

PAXG tokens will be available through cryptocurrency exchanges such as Genesis and others, but at the moment their availability will be limited only outside the United States. 👑

Chad Cascarilla is sure that this is a big step towards the adoption of cryptocurrencies by investors in real assets. In the future, the company intends to tokenize other property. 🔍

“We are going to make more similar products, where we take real assets and put them on the blockchain”  – said Cascarilla. 🤔

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Posted 08.10.2019 by admin in category "Crypto World News