Paxos, the issuer of a gold-backed stablecoin, has entered into a new partnership expanding PAX Gold (PAXG) holders option to redeem physical gold with their tokens, the company announced in a blog post on 28 October.
According to the press release, the company partnered up with Alpha Bullion to offer the holders of its gold-backed stablecoin more versatility.
The PAXG token was already backed with real gold bars, meaning that holders of the token legally owned physical gold, but now thanks to this partnership owners of the token can use it to redeem in small sizes of gold, ranging from 1 gram to 1 kilogram.
The press release reads:
“Alpha Bullion allows customers to use their PAXG tokens to get gold products ranging from one gram to one kilogram. Customers with 430 PAXG can redeem full gold bars from Paxos directly, but Alpha Bullion lets customers get physical gold with smaller amounts of PAXG.”
The company has also announced that it has expanded the PAX Gold ecosystem with new cryptocurrency exchange listings.
Namely the token has been added for trade against USD, EUR, BTC and ETH on the Kraken exchange, with it also being available on the HitBTC and Bithumb Global platforms. The company is planing to add the token to even more exchanges in the future.
Paxos investors can also participate in crypto-lending programs, allowing them to earn interest on their tokens. Genesis Lending, Celsius, SALT and Nexo are among the companies that offer PAXG-backed loans.