Paxos’ Precious Metal-Backed Cryptocurrency to Launch This Year, CEO Says

Paxos' Precious Metal-Backed Cryptocurrency to Launch This Year, CEO Claims

Cascarilla stated that the company ’s status as a financial institution permits the firm to utilize the banking system to be certain they hold backing assets “from the real world” that correspond to the number of resources onto a blockchain. While the business is planning to establish its valuable metal-backed coin this season, Cascarilla stated that Paxos has not set the specific date yet. Speaking about Paxos Standard (PAX) -- the company ’s Ethereum (ETH)-based stablecoin backed 1:1 by the U.S. dollar and launched last September -- Cascarilla said that it differs from different stablecoins in it is completely audited, highly regulated and approved by the New York State Department of Financial Services (NYDFS), also relatively liquid.
Released at Tue, 12 Mar 2019 00:45:00 +0000 Last December, Cointelegraph reported that PAX exceeded $5 billion worth of transaction volumes. At the moment, the coin was used in $5,245,958,124.65 worth of trades, having a market cap of over $174 million (as of press timedown to $113), where the trust business had redeemed “over $136 million. ” “To be able to place something in a blockchain, then you have to be certain to have the perfect amount of stock in the real world versus what's in the blockchain. The way you do using a gold token is just how much gold do you have in a vault reevaluate the amount of gold ore exceptional. ” Throughout the meeting, Cascarilla was inquired whether Paxos is functioning on a gold-backed coin, whereas he replied that “it is something we'll see definitely this season. ” “We're excited about the concept of having the ability to bring a commodity, and I think valuable metals are very clear onesgold is most likely the most obvious and having the ability to tokenize it,” Cascarilla added.
In order to execute the idea, Paxos must ensure it retains the amount of stock “in the real world” equal to the one registered on blockchain. Cascarilla clarified: Initially founded in 2012 as Bitcoin (BTC) trade itBit, the startup afterwards rebranded as blockchain-focused firm Paxos. Paxos retains a trust business charter from the state of New York, that gives it a number of the same privileges as a bank, including the capacity to take custody of mainstream financial assets. Last May, Paxos allegedly increased $65 million from shareholders to reinforce its own operations.