A gold-backed digital asset has been added to one of the world’s largest financial advisory and fintech organisation’s cryptocurrency app.
The deVere Group added Pax Gold (PAXG) to its deVere Crypto platform to join other major digital currencies including Bitcoin, Ethereum, Dash, Cardano, Bitcoin Cash, XRP and Dogecoin.
Each PAXG token is backed by a piece of London Good Delivery gold bar, kept in Brink’s gold vaults, which is the approved storage company of the London Bullion Market Association.
Pax Gold is added to the deVere Crypto exchange days after Bitcoin, the world’s largest cryptocurrency by market capitalisation, fell as much as 15% after hitting a new record high of $64,000.
“Pax Gold offers investors the liquidity, flexibility and security of a blockchain-based cryptocurrency, together with the reputation and credibility of a valuable physical commodity,” said Nigel Green, CEO and founder of deVere Group.
“The booming crypto market is known for being volatile. Many investors like the volatility as it can provide highly rewarding buying and selling opportunities,” Green said, adding that the market ups and downs aren’t for everyone.
“Pax Gold will appeal to investors who want to have exposure to digital assets – which are increasingly regarded as the future of money – without the higher levels of volatility.”
Launched in 2018, the deVere Crypto app allows users to buy, sell, hold and exchange major cryptocurrencies. Digital assets, which are established and qualified by experts, are often added as the market develops. This year new additions include Cardano, Dogecoin and now Pax Gold.
“Crypto is a burgeoning asset class and it’s one that is set to play a larger and larger role within the global financial system,” said Green.
“In today’s digitalised, globalised world, the demand for digital, global currencies in some form – is only set to grow. From now on, there will always be widely-used non-fiat money.”