ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

Paxos Releases First Gold-Redeemable Crypto, PAX Gold

KryptoMoney by KryptoMoney
September 6, 2019
in News
0
United Allied States
0
SHARES
47
VIEWS
Share on FacebookShare on Twitter

The Paxos Trust Company, issuer of the PAX stablecoin, has just launched a new asset called PAX Gold (PAXG), which is an Ethereum token backed by gold. According to a press release by the company, Paxos has already received approval from the New York State Department of Financial Services (NYDFS), to launch the PAX Gold. This makes the asset the first cryptocurrency redeemable for physical gold.

According to the release, each digital token represents “one fine troy ounce of London Good Delivery gold stored in professional vault facilities in London.” This means that every PAXG holder, also owns the physical gold it represents, but can trade it like a digital asset on the blockchain, without worrying about the actual gold. The release also clarifies that the value is tied to the real-time market value of gold.

According to Paxos CEO and Co-Founder, Charles Cascarilla, trading physical gold is very difficult and while there are other derivatives such as ETF, futures and unallocated gold, they simply aren’t the same thing. Cascarilla iterates that:

“PAX Gold solves these fundamental challenges. It’s as easy to trade as ETFs or Bitcoin, is extremely mobile and divisible, and it also gives holders ownership to the highest quality gold in the world…By putting gold on a blockchain, we’re democratizing access to gold.”

Paxos will allow its users to exchange the PAXG to and from any supported fiat currencies or unallocated gold. The company will also allow users to receive tokens in exchange for actual gold bars.

Binance has also announced its decision to float a new stablecoin.

Image Credits: Pixabay

Tags: Charles CascarillaNYFDSPAX GoldPAXGPaxosThe Paxos Trust Company
Previous Post

South Korea’s Largest Entertainment Company is Looking to Create its Own Cryptocurrency

Next Post

Binance Coin Price Analysis - BNBUSD Continues Its Downtrend

Next Post
Binance | BNB | Mainnet | Ethereum | blockchain

Binance Coin Price Analysis - BNBUSD Continues Its Downtrend

Recent Stories

Bitcoin

Bitcoin Falls Below $35k Despite the Unveiling of Biden’s $1.9 Trillion Stimulus

January 15, 2021
cryptocurrencies

The Impact Of Cryptocurrencies On The Global Marketplace

January 15, 2021
What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

January 14, 2021
Trading

PayPal Crypto Trading Volume Climbed $242 In One Day

January 14, 2021
Bitcoin

Government of Pakistani Province Announces Launch of Bitcoin Mining Farms

January 14, 2021
Ethereum

Google Data Reveals “Ethereum” Searches Hit All-Time High

January 14, 2021
BTC/USD

BTC Price Analysis: In a Return Rally BTC/USD Grinds Past $40,000 Amid Grayscale Bitcoin Purchase of $80M

January 14, 2021
Wunderbit Trading

Wunderbit Trading – Copy Trading Platform That Suits All 

January 14, 2021
bitcoin

Top 7 Open-source Code Bitcoin Wallets

January 14, 2021
Bitcoin

Bitcoin Institutional Investors Not Worried About Recent BTC Decline

January 13, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 35,841.00 9.64%
  • ethereumEthereum (ETH) $ 1,156.03 5.74%
  • tetherTether (USDT) $ 0.998273 0.11%
  • bitcoin-cashBitcoin Cash (BCH) $ 479.16 9.34%
  • binancecoinBinance Coin (BNB) $ 40.66 2.01%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree