USD 5 mln worth of PAXG purchased by Nexo

Friday 13 December 2019 13:14 CET | News

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.

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Keywords: nexo, PAX Gold, PAXG, BitGo, Token, cryptocurrency, digital assets, lending, digital gold, hot wallet, cold wallet, blockchain
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3

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