Starting today, August 26, Binance cryptocurrency exchange users will be able to trade Paxos coin “PAXG” for Binance’s stablecoin “BUSD” and Binance token “BNB,” as well as for Bitcoin.

Rich Teo, Co-Founder and CEO of Paxos Asia, said:

PAX Gold will provide its users with an easy and secure opportunity to get regulated real gold.

For information, Paxos, a New York-based stablecoin crypto platform, launched its gold-backed stablecoin last September.

Each Ethereum-based “PAXG” cryptocurrency has a legal right to an ounce of gold stored in Brink’s warehouses in London, knowing that traders can own up to one dollar’s ​​worth.

Binance’s decision to add PAXG cryptocurrency support nearly three weeks after gold hit a record high of $2,075 an ounce.

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Gold is up 27% this year and analysts at Goldman Sachs expect prices to rise further to $2,300 in the next 12 months.

CZ, CEO of Binance, said:

Gold is an asset that has had a fixed value from generation to generation.

With PAXG now on Binance, investors can easily acquire and trade gold with the click of a button.

Done approval On the digital currency PAXG by the New York Department of Financial Services.

It was also announced yesterday, Tuesday, the launch of “CF Benchmarks” a reference price index for the digital currency “Pax Gold” against the dollar.

According to the announcement, the index will provide a daily settlement and an instant price, which will be updated every second.

Sui Zhang, CEO of CF Benchmarks, commented on the new announcement:

With the traditional gold markets operating only on weekdays, PAXG opens up new opportunities for the financial markets.

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