A gold-backed digital asset created by Paxos will soon launch for trading on cryptocurrency exchange Binance.Â
- From Aug. 26, Binance customers will be able to trade PAX Gold (PAXG) against the exchangeâs own stablecoin BUSD and exchange token Binance coin (BNB), as well as bitcoin (BTC).
- PAX Gold âwill offer [its] users an easy and safe opportunity to gain exposure to real, regulated gold,â said Rich Teo, Paxos co-founder and CEO Asia.
- A New York-based crypto exchange and stablecoin issuer, Paxos launched the gold-backed stablecoin last September.
- Each Ethereum-based token has the legal title to an ounce of physical gold stored in theÂ BrinkâsÂ London vault, though traders can own as little as $1 worth.
- Binanceâs decision to add support for PAXG comes nearly three weeks after goldâs price reached a record high of $2,075 per ounce.
- The historical inflation hedge has rallied by 27% this year and analysts at Goldman Sachs expect prices to rise further to $2,300 in the next 12 months.
- âGold is an asset that has had enduring value from generation to generation. With PAX Gold now on Binance, investors can easily get and trade gold with the click of a button,â said Changpeng âCZâ Zhao, CEO of Binance.
- Pax GoldÂ has been approvedÂ by the New York Department of Financial Services.
- Also announced Tuesday, CF Benchmarks has launched a benchmark price index for Pax Gold against the U.S. dollar.
- The index will provide a daily settlement and spot rate, refreshed every second, according to an announcement.
- With the traditional gold markets only operating on weekdays, PAXG âopens new opportunities for financial markets,â said Sui Chung, CF Benchmarks CEO.
Also read: Binance.US Expands Into Florida, Eyeing Millions of Potential New Traders
- Darknetâs Largest Marketplace Still Offline, Fears of Exit Scam Rise
- South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Trading
- Bitwage Rolls Out Tax Calculator Tool as IRS Ramps Up Crypto Pressure
- Australian Payments Firm Sues Ripple for Use of PayID Trademark
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.