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.
Appearing on CNBC’s show “Mad Money” With Jim Kramer, Paxos CEO Charles Cascarilla noted that this company combined Silicon Valley’s innovations with the banking industry’s confidence.
Many bitcoiners are former gold bugs who believe in “hard money,” so one crypto company is hoping digitized gold will attract more traders.
PAX Gold is the Easiest Way to Own and Trade Physical Gold. Offers Investors & Traders Greater Flexibility, Mobility, Access to $9 Trillion Gold Market.
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.”
SALT, a crypto-collateralized online lending platform, announced on last week that beginning October 1st it will offer the just released PAX Gold (PAXG) as a collateral type for clients seeking to use their digital assets as collateral to secure a USD loan. The online lender reported that PAX Gold is an asset-backed digital token on the Ethereum blockchain and is Paxos’ first blockchain asset to represent precious metal; its value is tied directly to the spot price of gold quoted by the London gold market.
Nexo, the dominant player in the crypto lending space, is adding the NYDFS-regulated PAX Gold as a collateral option for its signature Instant Crypto Credit Lines, bringing gold-backed lending to the blockchain.
“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.