Paxos Gold Opens Up for Trading on HitBTC and Bithumb Exchanges, Holders Can Earn Interest

Paxos gold bullion-backed crypto stablecoin Pax Gold is made available for trading on popular exchanges Bithumb and HitBTC with option for users to lend and loan out for earning interest.

The New York-based crypto exchange Paxos has recently revealed that its gold-backed asset Paxos Gold will be listed in two additional exchanges. According to the company, HitBTC and Bithumb will receive the token. Also, holders will be able to redeem their tokens for physical gold if they wish to.

All Paxos tokens are backed with gold bars, so people basically own the gold already when they own a digital token. This option, however, would make it easier to use these products as people could redeem as much gold as they wanted, which would increase the versatility of the asset. According to the company, every 430 PAXG tokens can be redeemed for a gold bar.

The gold is fully audited and verified periodically, which improves the security of the asset. There is also a way to gain interest on holdings via third-parties, the company affirmed. By using the holding services of Celsius, Genesis Lending or Nexo, people can get more money from their tokens.

PAXG To Hit Two New Exchanges

The most important part of the announcement is that HitBTC and Bithumb Global will list the asset. It was even hinted that other exchanges could also jump on board, but no other names were announced at this point.

This is part of Paxos’ strategy to popularize digital holdings of gold and to increase its customer base. The company is focused on the creation of ways that people can basically participate in the industry without having to participate in all the bureaucratic parts that may complicate their lives.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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