Paxos promotes its gold-backed cryptocurrency token

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. 

Read also: Paxos to launch blockchain-based settlement platform for U.S. listed equities

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.