Binance Lists Paxos Gold (PAXG) Stablecoin For Trading Against BUSD, BNB, BTC
Binance, one of the leading crypto exchanges in the world, has decided to list gold-backed cryptocurrency by Paxos called Paxos Gold (PAXG). The gold-backed token will be listed against three other digital assets, including the exchange's native stablecoin called BUSD, the native token Binance Coin, and Bitcoin.
Rich Teo, Paxos co-founder, and CEO Asia believe the listing on Binance would offer traders exposure to real regulated gold. He said:
“PAX Gold will offer [its] users an easy and safe opportunity to gain exposure to real, regulated gold.”
Paxos is a New-York based exchange that launched its gold-backed token Paxos Gold last September and is built on top of the Ethereum blockchain. Each PAXG token represents an ounce of the physical gold currently stored in the Brink's London vault. Traders can buy as little as $1 worth of gold.
The listing of PAXG token on Binance came just weeks after Gold prices soared to all-time-highs amid global economic uncertainty. Gold has been a haven asset for centuries, and despite Bitcoin maximalists trying to prove Bitcoin is a better alternative, a majority of the population still sees gold as the true safe-haven asset Paxos Gold token has also been cleared for listing by the New York Department of Financial Services (NYDFS).
Apart from the approval from the NYDFS, CF Benchmarks has also launched a price index against the US Dollar, which would be real-time and offer daily settlement and spot rate, which would be updated every second.
Changpeng Zhao, CEO of Binance, also commented on their decision to add Paxos Gold and noted the importance of gold as an asset class. He said:
“Gold 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.”