Many bitcoiners are former gold bugs who believe in "Hard money," so one crypto company is hoping digitized gold will attract more traders.
Paxos, the New York-based exchange and stablecoin issuer, just launched a gold-backed crypto asset called Pax Gold, with each ethereum-based token encapsulating the legal title to a physical bar of gold stored in the Brink's London vault.
Pax Gold has been approved by the New York Department of Financial Services.
Each token costs the same as an ounce of gold and can be redeemed for a physical bar at partnering institutions such as Bullion Exchanges in New York.
Cascarilla said Paxos will expand its list of global partners from the traditional commodities industry to ensure users can claim real gold even if they're not in London or New York.
"Bitcoin achieves all of gold's relevant properties, plus a lot more, and is just better gold for the modern era," McArdle said.
Paxos will need to find an audience of gold traders who are interested in crypto beyond bitcoin, as traditionalists on both sides are wary of tokens.
Bitcoin skeptics like Roy Sebag, founder of the precious metals custodian Goldmoney, don't believe a self-custodied, relatively fungible cryptocurrency would bring new and compliant use cases to the broader gold market.
Now, with Pax Gold, retail investors will be able to participate in a broader range of digital gold trades beyond institutional platforms.
For traders who might want to buy gold on-the-go and then pick it up in another location, Cascarilla believes Pax Gold could offer a regulated alternative to physical ownership.
Paxos Launches Gold-Backed Cryptocurrency
pubblicato su Sep 5, 2019
by Coindesk | pubblicato su Coinage
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