Paxos, Paypal, and the future of tokenized assets.
To determine the future of tokenized assets, the partnership between Paxox and Paypal is definitely one to look out for.
Paxos is powering Paypal’s new service, which will allow Paypal’s customers in the US to buy, sell, and hold cryptocurrency in Paypal’s digital wallet. Powered by Paxos’ crypto brokerage Paypal’s customers will be able to purchase Bitcoin, Bitcoin Cash, Ethereum, and Litecoin directly from Paypal’s digital wallet.
Paxos on the other hand is also the biggest creator of the third-largest stablecoin in the cryptocurrency market. Back in September of 2019, they had also launched PAX Gold (PAXG) a gold-backed digital asset, a custodial token that could be used to redeem actual Gold. The primary motivation of founders was to remove any barriers that exist to invest in gold.
In a panel that was held in the first week of November, Paxos founder and CEO discussed on the growth of Paxos gold-backed ERC-20 Token. There he mentioned how traditional markets that trade in gold or asset-backed golds have several limitations like- time constraints and high frictional costs. Tokenized gold, on the other hand, is the future of commodity exchange due to the liquidity, transferability, and 24 hrs market they offer. For commodities on-chain, he said, “It is an inevitable trend where assets will sit.”
Probably hinting at a partnership between Paxos and Paypal the founder and CEO also highlighted “…partnerships we have in the pipeline will be able to bring digital gold to hundreds of millions, if not billions, of people, within the next 18 months… I think that the adoption curve for both blockchain-based assets, but specifically gold, are very, very bright, and that is where the future is going to be.”
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