Crypto Trading Platform Sibex To List Paxos’ Gold-Backed Digital Token

Blockchain, News | December 9, 2019 By:

Decentralized crypto trading platform Sibex has teamed with post-trade blockchain startup Paxos to enable clients to quickly and easily trade physical gold on a blockchain.

Sibex employs blockchain technology to enable professional traders to trade popular cryptocurrencies, including bitcoin and ethereum, with one another directly. Unlike centralized exchanges, traders using Sibex’s software maintain custody of their assets during trades.

Paxos, formerly itBit, is a financial technology company offering blockchain solutions for global financial institutions. The firm launched a stablecoin last year and in September got approval from New York’s Department of Financial Services to launch PAX Gold (PAXG), a gold-backed digital token.

The partnership will see Sibex list PAX Gold on its platform, marking the first time that investors will be able to use a gold-collateralized investment vehicle to enter and exit the cryptocurrency market. Each PAXG is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar and will be available to authorized Sibex users. PAXG is backed by LBMA certified gold bars securely stored in Brink’s vaults, held in custody by Paxos Trust Company for the benefit of the token holder.

“As a regulated and established player in the finance space, PAXOS has been instrumental in the democratization of the industry, and we are aligned in our mission to limit barriers to entry within the digital assets space,” said Daniel Haudenschild, CEO of Sibex. “We are always looking for ways to expand and diversify our service offerings, so it was a natural progression for SIBEX to expand towards gold as an investment.”

“PAX Gold offers real ownership of the highest quality physical gold in the world,” said Walter Hessert, Corporate Strategy Lead of Paxos. “We’re excited that PAX Gold is now available on SIBEX, making it easier for even more people to own the world’s leading gold token.”