PAX Reveals Gold-Backed Cryptocurrency
Stablecoin operator Paxos has recently announced its plans to launch PAX Gold (PAXG), a gold-backed cryptocurrency in the Ethereum Network.
The firm claims that it is the first crypto-asset redeemable for physical gold and the first gold-backed virtual currency in New York State as it got approval from the New York State Department of Financial Services (NYDFS).
Holders of PAXG owns the gold it represents but with the convenience of being able to move them like any other ERC30 tokens which is much simpler than shipping gold.
Charles Cascarilla, CEO and CO-founder at Paxos, states that in a digital and global financial system, owning gold is cumbersome, outdated investment, not easy to trade, move, divide or leverage against other investment, with PAXG they plan to change all these.
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