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

Blochain Trust Paxos digital chips backed by noble metals will be launched "definitely this year," said Paxos CEO Chad Cascarilla in an interview with Fortune's Balancing the Ledger on March 11.

During the conversation, Cascarilla asked Paxos if he worked on a gold coin. He replied that "this is something we will surely see this year." "We are excited about the concept that we can take the goods and think that noble metals are obvious materials and that gold is probably the most obvious and can mark it," Cascarilla added.

To implement the concept, Paxos must ensure that its "real world" stock is the same as that recorded in the blockchain. Cascarilla explained:

"To put something in a block-chain, you have to make sure you have the right amount of inventory in the real world compared to what's in the block-chain." The way you work with the golden sign is how much gold you have in the chest with the same number of gold chips in circulation. "

Cascarilla noted that the status of a financial institution of a company allows the use of a banking system to ensure that it owns real-world assets that match the assets class. Blockchain. As the company plans to launch coins of precious metals this year, Cascarilla says Paxos has not yet set a specific date.

About Paxos Standard (PAX) - A company based on Ethereum (ETH) and Ethical (ETH) based, supported by 1: 1 US dollar and launched last September - said Cascarilla, it differs from other companies by being fully revised, highly regulated and approved by the Financial Services Department (NYDFS) in NYS and relatively current.

Established in 2012 as Bitcoin (BTC), itBit, the startup was later renamed to Paxos. Paxos owns a charter company in New York, which gives him some of the same privileges as the bank, including the ability to take custody of ordinary financial assets. In May, Paxos raised $ 65 million from investors to boost their business.

Last December, Cointelegraph announced that PAX exceeded $ 5 billion in transaction volumes. At that time, money was used in transactions worth $ 5,245,958,124, with a market capitalization of more than $ 174 million (at the time of printing, $ 113), the trust company had redeemed "more than $ 136 million."


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