Of all the choices investors have today to go fully digital with their finances, Bitcoin and gold are no longer the only options. China is making waves with its digital Yuan as Alipay announces it will allow users to trade with the new currency. This partnership evolved from Alipay and Mybank’s participation in China’s digital currency expansion and electronic payment testing.
On Wednesday, PayPal announced plans to introduce cryptocurrency trading on PayPal and Venmo. Thanks to Paxos Trust Company, PayPal and cryptos now unite, opening a new horizon for crypto traders. This introduction will enable crypto traders to use cryptocurrency for more applications, even on a daily basis.
Investors buy gold as for one of three reasons: a hedge, a safe haven, or a direct investment. Which of these is the best reason? Research says that gold is the best hedge against a stock market crash.
Gold is respected throughout the world for its value and rich history, which has been interwoven into cultures for thousands of years. Coins containing gold appeared around 800 B.C.
Paxos Trust Company LLC, the issuer of the PAX dollar-pegged stablecoin, sees its Paxos Gold (PAXG) coin immediately adopted within the crypto ecosystem.
Stablecoin operator Paxos launched PAX Gold (PAXG), a gold-backed Ethereum (ETH) token. Paxos announced the launch of the product above in a press release published on Sept. 5, claiming that it is “the first crypto-asset redeemable for physical gold.”
“We’re really a technology firm at heart, and so we’re trying to give you the confidence of a bank, but the innovation of Silicon Valley,” Paxos CEO Charles Cascarilla says.
“That’s just different from, I think, most institutions that are in the banking world today,” he says in an interview with Jim Cramer on “Mad Money.”
Paxos offers a regulated gold-backed digital coin called PAX Gold that allows investors to own and trade physical gold.