PAX Gold (PAXG) Gets A Boost From FinTech Leader Nexo And Support From Custody Provider BitGo
- BitGo announced that they will support the PAX Gold token in both hot and cold wallets.
- Nexo recently launched the Instant Crypto Credit Line, which will also be supporting PAXG.
Nexo is one of the leaders in crypto banking institutions, and a recent press release reveals that it has made a massive purchase – $5 million for PAX Gold. According to reports from Business Wire, this purchase is vital to the need for banking services in cryptocurrency that support digitized gold around the world. In addition to this great news, BitGo announced that the gold token would be receiving their support as well.
The purchase by Nexo pushed market cap of PAXG over $11 million, surpassing the next biggest digital gold token by more than twice over. PAXG is hosted on the Ethereum blockchain and is powered by Paxos, with each token representing an ounce of Good Delivery gold, which is held in vaults protected by Brink.
Many customers have already submitted inquiries about using their crypto collateral to exchange for the PAXG, as Neo’s Instant Crypto Credit Lines will be supporting the token. With this impressive interest and the newfound capital, Nexo is clearly ready to offer a new level of service to customers.
The BitGo support makes it possible for PAXG to be stored in multi-sig hot and cold wallets. This security for customer wallets was implemented in 2013, established Nexo as a pioneer in crypto protection. No additional coding is needed to include PAXG, since supported digital assets are already integrated.
Speaking on the community interest in PAXG, Antoni Trenchev, a managing partner with Nexo stated,
“'The gold bug and crypto enthusiasts’ mentalities have always been similar. It comes as no surprise that some of our 500k+ users are quite fascinated by the concept of tokenized physical gold, so we are glad to address their needs together with Paxos. And with BitGo’s custodial services now available for PAXG, institutions like Nexo have a military-grade secure solution to store their digitized gold holdings.”
Walter Hessert, the strategy lead at Paxos, expressed that he was “excited” to have support from BitGo and to see the substantial interest from the Nexo community for the new token. He added,
“It’s a very strong signal that people see PAX Gold the same way we do: as an asset with staying power and value far beyond any other.”