Gold-backed digital asset formed by Paxos will soon launch for trading on cryptocurrency exchange Binance.
Starting from 26th Aug., Binance users will now be able to trade PAX Gold [PAXG] against the exchange’s own stablecoin BUSD & exchange token Binance coin [BNB], and Bitcoin [BTC].
In line with the co-founder & CEO Asia, Rich Teo, Paxos:
PAX Gold “will offer its users a simple & safe opportunity to realize exposure to real, regulated gold.”
A New York-based cryptocurrency exchange & stablecoin issuer, Paxos launched the gold-backed stablecoin later in the month of September.
Each Ethereum-based token has the legal title to an ounce of physical gold stored within the Brink’s London vault, via traders can own as little as $1 USD worth.
Binance’s decision to feature support for PAXG comes nearly three weeks after gold’s price reached a high price over $2k per ounce.
The earlier inflation hedge has rallied by 27% this year and analysts at Goldman Sachs expect prices to increase additionally by $2,300 USD within the next 12 months.
According to the CEO of Binance, Changpeng “CZ” Zhao:
“Gold is an asset that has had enduring value from generation to generation. With PAX Gold now on Binance exchannge, investors can easily hold & trade gold with the press of a button.”
Pax Gold has been approved by the NY Department of Financial Services. Just today, CF Benchmarks has launched a benchmark price index for Pax Gold against the USD.
The announcement further adds that the index will offer a daily settlement and spot rate, refreshed every second.
According to CF Benchmarks CEO, Sui Chung:
“With the traditional gold markets only operating on weekdays, PAXG “opens new opportunities for financial markets.”