Sibex, the Zug-based provider of a decentralized cryptocurrency-Trading Platform , has teamed up with stablecoin issuer Paxos to facilitate peer-to-peer OTC trading using its bullion-backed crypto asset (Pax Gold).
Sibex users can now hedge themselves against the Volatility of other crypto assets while benefiting from a regulated investment tool and exposure into gold assets. Paxos already backs each PAXG token with real gold bars, meaning that anyone who owns the token also legally owns the underlying physical gold.
Sibex, which raised $1.8 million in a seed funding round, currently allows trading in bitcoin (BTC), ether (ETH), Tether (USDT), and ERC20 tokens. The company operates a decentralized, non-custodial exchange, meaning traders using the platform maintain custody of their assets during trades.
Paxos expands PAXG ecosystem
PAX Gold (Ethereum ticker: PAXG) digitizes the bullion in a regulated manner by backing every PAXG by one fine troy ounce of gold held in a London vault.
The stablecoin issuer has also expanded the PAX Gold ecosystem as the token is now available for trading on HitBTC and Bithumb Global, with even more exchanges to follow suit soon.
Withum, a top-25 auditing firm in the US, periodically verifies that Paxos Trust Company holds gold reserves that cover the number of issued and outstanding PAX Gold tokens in circulation.
As crypto-related lending business remains on a growth tear, Paxos also assured investors in its Ethereum-based token that they can easily earn interest on their holdings through Genesis Lending, Celsius, and Nexo. Plus, the crypto loan startup SALT now offers PAXG-backed loans as well, available in fiat or stablecoins such as PAX, TrueUSD, or USDC.
Commenting on the news, SIBEX CEO Daniel Haudenschild said: “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. 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.”
Walter Hessert, Corporate Strategy Lead of Paxos, added: “PAX Gold offers real ownership of the highest quality physical gold in the world. 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."
