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Cryptocurrency

PAX Gold: Crypto backed by gold but outperforms gold

PAX Gold (PAXG) is a crypto asset backed by Gold.

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Paxos, PAX Gold: Crypto backed by gold but outperforms gold

It’s crypto. It’s physical gold. And recently, it was approved by the New York State Department of Financial Services for custody and listing. It’s a product from the crypto-verse that combines gold and crypto into a single unit.

Data from Coinmarketcap showed PAX Gold traded at about $1,521 as of March 21, 2020. As of the time of writing this report, the crypto asset was trading at about $2,039.40, showing gains in percentage terms of about 134%. Meanwhile, Gold price so far has gained just 35% in 2020.

READ MORE: ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

Why PAX Gold: The sudden surge in this gold-backed stablecoin, since the era of the COVID-19 pandemic, appears to be driven by increased awareness of its unique features, which include access to gold without bullion fees or other storage costs.

Quick fact: PAX Gold (PAXG) is a crypto asset backed by Gold. A PaxoGold digital coin is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s gold vaults. Any entity or individual who owns PAX Gold owns the underlying physical gold held in custody by Paxos Trust Company.

READ MORE: QKC: fastest rising crypto asset in 30 days, gains 100%

Paxos has recently responded to all its digital coins being listed on the New York State Department of Financial Services (NYDFS), stating that it validated the company’s time, energy, and expense which it put into compliance.

Commenting on the green list, Dan Burstein, Chief Compliance Officer at Paxos said: “As the Chief Compliance Officer at Paxos, I’m proud that the culture of Paxos is truly centered around compliance. We build products that the world has never seen before, and we build them for the innovators in the space, not the bad actors.

“Our engineers and product managers prioritize compliance as we create new products, our business development team considers compliance as we structure new partnerships, our operations team helps onboard and service customers according to our high compliance standards, our information security team ensures we hold our customers’ digital assets and personal information in the most secure way possible— the list goes on.”

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. John

    September 4, 2020 at 8:49 am

    They are not regulated. Their trust is regulated. They are backed by non-allocated gold on a INTL FC stone margin account. They pump their own market cap. Super centralized, fake volume, fake mcap, no audits. Would you trust your gold with a US company? DYOR

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Cryptocurrency

World’s most valuable Crypto Exchange, Coinbase ready to go public

US cryptocurrency exchange, Coinbase, today, released an S-1 filing ahead of its direct listing.

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Coinbase

Coinbase the world’s most valuable and largest American cryptocurrency exchange, today released an S-1 filing ahead of its direct listing.

Coinbase massive scale suggests why some crypto pundits are bidding its value up to as much as $100 billion on the private markets.

The fast-rising American crypto exchange financials revealed the crypto startup grew rapidly from 2019 to 2020.

Coinbase was founded was about 9 years ago and allows its customers to buy and sell Crypto Like Bitcoin, Ethereum Polkadot. The fintech company had earlier raised over $540 million in funding as a private company.

In 2019 Coinbase’s net income was $30.4 million against $533.7 million in revenue. Just last year the crypto juggernaut net income rose to $127.5 million against $1.28 billion in revenue.

The unicorn grew just over 139% in 2020, a massive improvement in its 2019 results.

In an IPO filing, Coinbase says “Address not applicable” in the spot companies usually list their headquarters.

In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”

As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”

Meanwhile, the company also highlighted in a press release it was offering institutional investors its prime brokerage services.

Institutions across the board are building for a future that is protected from new risks; this includes building a diverse balance sheet that is adequately hedged from the traditional capital markets and monetary debasement.

On the corporate side, use cases for digital assets are expanding rapidly from traditional portfolio management as an investment asset within a diversified portfolio — to accounts receivable/accounts payable, employee payroll, and commerce integration, for example.

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Cryptocurrency

CBN Governor calls Crypto illegal money

The CBN Governor, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.

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The Governor of the Central Bank of Nigeria, Godwin Emefiele has recently defended the apex bank’s decision in excluding cryptocurrencies from Nigeria’s financial ecosystem.

Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.

According to a report by an online media outlet, while addressing the Senate committee, Godwin Emefiele remarked,

“Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”

READ: CBN crypto ban and its ramifications for Nigerian banks

The head of the apex bank affirmed Nigeria’s central bank resolve in continuing its surveillance and deeper understanding of the crypto ecosystem, buttressing that its major objective remains to educate Africa’s largest economy on emerging financial risks and protect Nigeria’s financial system from the activities of money launderers, currency speculators, and foreign-based fraudsters.

Recall in a press release dated, the 7th of Feberuary 2021, the CBN had explained in detail the motives for its directive to Deposit Money Banks (DMBs) and other financial institutions to desist from transacting in and with entities dealing in cryptocurrencies.

READ: CBN claims no immunity for Emefiele as it fires back at NESG

“Due to the fact that cryptocurrencies are largely speculative, anonymous, and untraceable, they are increasingly being used for money laundering, terrorism financing, and other criminal activities. Small retail and unsophisticated investors also face a high probability of loss due to the high volatility of the investments in recent times.

“In light of these realities and analyses, the CBN has no comfort in cryptocurrencies at this time and will continue to do all within its regulatory powers to educate Nigerians to desist from their use and protect our financial system from the activities of fraudsters,” the CBN stated.

READ: CBN’s Emefiele explains why banks restructured N7.8 trillion loans to customers

What you should know: The CBN, some weeks ago issued a circular prohibiting banks and other financial institutions from carrying out transactions in cryptocurrencies or facilitating payments for crypto exchanges.

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  • The CBN’s directive has since gotten very harsh reactions on social media with many condemning the policy as a deliberate attempt by the government to impoverish young Nigerians who have been able to create wealth for themselves through crypto trading.
  • Interestingly, Nigeria along with other countries ranked as the worst countries to start a career do not wholly accept or legally recognize cryptocurrency and other digital assets.

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