Paxos promotes its gold-backed cryptocurrency token

The new partnership will expand PAX Gold holders' options.
Cryptocurrency exchanges add support for the stablecoin.

Tanya Abrosimova Independent Analyst

A New York-based issuer of a gold-backed stablecoin published a few updates on its crypto asset (PAXG token). Namely, the company announced a partnership with Alpha Bullion that will allow PAX Gold holders to redeem physical gold with their digital token.

PAXG token is backed with real gold, which means that token holders actually own some physical gold. The partnership with Alpha Bullion will bring some flexibility for the token holders, allowing them to redeem the gold in small sizes from 1 gram to 1 kilogram.

PAX Gold backs every PAXG by one fine troy ounce of gold that is kept in a London vault.

“Customers with 430 PAXG can redeem full gold bars from Paxos directly, but Alpha Bullion lets customers get physical gold with smaller amounts of PAXG,” the company wrote in the announcement.

Also, the company announced that PAXG token had been added to cryptocurrency exchanges HitBTC and Bithumb Global with more trading platforms to follow suite soon.

PAXG is most actively traded at Bithumb Global with an average daily trading volume of $748,039.

Apart from that, Paxos investors can earn interest on their tokens by participating in crypto-lending programs. The company works with Genesis Lending, Celsius, and Nexo. Also, a cryptocurrency startup SALT offers loans in fiat and stablecoins backed by PAXG.

Author

Tanya Abrosimova

Independent Analyst

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