Crypto banking institution Nexo has purchased USD 5 million worth of PAX Gold, thus offering tokenized gold lending and borrowing services.
The USD 5 million purchase accelerated the growth of PAXG’s market cap to over USD 11 million, representing over twice the size of the next biggest digital gold token. The investment in PAXG aims to cater to the needs of Nexo’s OTC customers.
PAXG is a digital token on the Ethereum blockchain, and it is powered by the regulated gateway between digital and traditional assets, Paxos. Another company that offers support for PAXG across its institutional-grade hot and cold wallet solutions is BitGo. All digital assets supported by BitGo are integrated using the company’s single API, which means that no additional coding is required for clients to add PAXG.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.