The crypto liquidating firm Sibex has partnered with New York-based cryptocurrency company Paxos to allow gold trading on the blockchain. The goal of this partnership is to improve peer-to-peer (P2P) over the counter (OTC) trading for physical gold. Paxos offers PAX Gold, a digital asset-backed by digital gold.
Daniel Haudenschild, CEO of SIBEX, commented: “As a regulated and established player in the finance space, PAXOS has been instrumental in the democratization of the industry. 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.”