YouHodler continues its “year of innovation” with an exciting new announcement. As of today, users can choose crypto loans with PAX Gold (PAXG) as collateral, open a PAXG savings account and use MultiHODL with PAXG. PAX Gold is an Ethereum-based digital token backed by gold. Paxos claims this is their first digital asset backed by precious metal. Its value is tied directly to the current price of gold as stated by the London gold market.
By introducing PAXG to it’s growing list of crypto options, YouHodler brings the benefits of owning physical gold and combining that with the innovation of the cryptocurrency industry. Now, the process of carrying gold and trading is much more convenient than with the previous “physical” method. With this new digital gold on the YouHodler platform, users can maximize the overall liquidity of the precious metal by connecting gold markets directly to various cryptocurrency markets.
To benefit even more from PAXG holdings, YouHodler savings accounts will help users earn an annual percentage rate (APR) of 8.2%, allowing users to profit and buy more gold or other cryptos to diversify their portfolio.
Users can also experiment with PAXG on MultiHODL with the feature’s new “UP” and “DOWN” buttons, which allows them to trade USD against gold right on the platform
“YouHodler is always on the lookout for new, interesting ways to help our clients create a well balanced and profitable portfolio,” says CEO Ilya Volkov. “We’ve witnessed a large demand for gold trading on the traditional markets during this turbulent time and a large demand for PAXG by institutional investors. With the addition of PAX Gold to our portfolio, platform users will find a unique value that combines all benefits of the crypto market with the obvious and well-documented benefits of gold investing, trading and instant access to cash via YouHodler crypto-backed loans”.
Owning physical gold that’s recorded on the blockchain has numerous advantages. For one, it represents verified, legal ownership of real gold. Furthermore, it has the added benefit of optimal transportability and zero storage costs compared to the inconvenient methods of shipping and storing physical gold. It’s truly the best of both digital and physical assets in one.
YouHodler is no stranger to Paxos. Paxos Standard (PAX) was one of the first stablecoins we had our eyes set on many months ago and since adding it to available stablecoin options, we’ve seen first hand what their reputation and loyal community can bring to YouHodler. Since its founding in 2012, Paxos has made a name for itself as a regulated financial institution with a wide variety of products. Paxos Standard is consistently ranked as one of the best USD-backed stablecoin’ on the market and now, we are happy to now add PAXG to our list of respected crypto assets.
PAXG is now part of 18+ crypto collateral options on YouHodler including favorites like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin SV (BSV), Stellar (XLM), Binance Coin (BNB) and much more.