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.