With PAX Gold from the house of Paxos, there is now a new member in the long list of stablecoins. The digital currency is backed by Gold.
From Polina Khubbeeva
9. September 2019BTC$10.336,19 -0.62%part Facebook Twitter LinkedIn xing mail
Physical Gold on the Blockchain. This is the title of a press release, which the company Paxos is on 5. September, published. After the New York State Department of Financial Services (NYDFS) granted free railway, the Gold is coupled to the Token PAX Gold now on the market.
In the press release promises Paxos to its customers mobility, flexibility and “access to the 9 trillion Dollar gold market.” In Detail, it is at PAX Gold a ERC20-Token.
Each of the Token is covered by a fine ounce. The gold store bullion, meanwhile, is in the London vault of Brink’s. The value of PAX Gold is thus coupled directly to the real market price of Gold at any given time.
PAX Gold as a new Form of the gold trade?
Furthermore, Paxos grants to the purchasers a claim to the physical Equivalent of your crypto-tokens. On Paxos.com traders are able to exchange, therefore, their Token in Fiat money or physical Gold. At any time, you also have the serial number, the size as well as the weight and other information of your gold to see bars. According to Charles Cascarilla, CEO and Co-Founder of Paxos, this concept is the solution for complications when trading physical Gold. “We promote Gold on the Blockchain, democratize the access to it,” he said.
The Paxos Trust Company is a US FinTech, which is primarily for the US Dollar-coupled PAX Standard Token is known. However, the company is planning the Expansion for some time. Paxos announced the Token on a gold basis, namely, a number of times already. Also, crypto-projects on the Basis of Gold or silver are in the planning stage.
precious metal-covered Coins delight, meanwhile, is becoming more and more popular. This Trend is also the basic tokenization of assets is, however, objects to including the appropriate utilization of real estate or land.
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