Retail Investors Can Now Use Paxos Gold as Collateral Against Loans
Retail Investors Can Now Use Paxos Gold as Collateral Confronting Loans
Retail investors tin can now employ Paxos Gold as a collateral for loans through the Nexo platform.
4037 Total views
74 Total shares
Crypto-lending platform Nexo has today, March 25, opened up the option of using PAX Gold (PAXG) every bit collateral confronting its loans to retail investors. A airplane pilot scheme in late 2022 was limited to institutional clients and purportedly saw immediate need for its gold-backed credit lines.
Nexo's annunciation means that collateralized borrowing against high-grade gold is at present no longer the preserve of the ultra-rich.
Launched in September 2022, Paxos' PAX Gold token is fully-backed by and redeemable for physical gold, stored in secure vaults.
Each token represents one fine troy ounce of London Good Delivery Gold, and enables buying of golden as a safe-haven nugget, with the added convenience afforded by tokenization.
Pilot scheme prompts $5 million investment
Nexo saw such demand for gilt-backed credit from institutional clients during its airplane pilot scheme that it invested in $5 million worth of PAXG to meet investors' needs.
The expansion of this pilot to include retail clients now allows anyone to leverage gilt-backed PAXG assets as collateral on the Nexo platform. Antoni Trenchev, co-founder of Nexo, explained the attraction:
"Especially in high-volatility times, as in the present, gold is sought subsequently by many of our retail clients and we accept worked towards reflecting their wishes."
Equally Cointelegraph reported, the crypto loans industry has seen solid growth, as many cryptocurrency holders adopt to leverage their avails as collateral rather than liquidate them.
Source: https://cointelegraph.com/news/retail-investors-can-now-use-paxos-gold-as-collateral-against-loans
Posted by: ashtonhadis1991.blogspot.com
0 Response to "Retail Investors Can Now Use Paxos Gold as Collateral Against Loans"
Post a Comment