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As PayPal Partnered with looms, Paxos Cryptocurrency CEO sees Huge adoption for tokenized assets In Future

Crypto News , Cryptocurrency News , Bitcoin News Today , Altcoin News

As PayPal Partnered with looms, Paxos Cryptocurrency CEO sees

Huge adoption for tokenized

assets In Future

Latest Cryptocurrency News

In a panel last week for the London Bullion Market Association, Paxos founder and CEO Charles Cascaella discussed more about the future development of Paxos' gold-backed ERC-20 tokens, PAXG, and asset tokens - a future in which He could get involved well. The company's recently announced integration with financial giant PayPal.

While speaking with Raghav Chawla, director of Fidelity Labs, director of product management, and Sakila Mirza of LBMA, Cascarella told the audience that the asset-backed gold token was a natural fit for Paxos' vision:

"It was a really logical thing for us to launch a gold token that we are trying to do in Paxos, which is the infrastructure for a blockchain-based financial system, and a more open financial system that we think Is that we are going to grow from what we are now. "

He noted a variety of shortcomings, limiting the utility of both physical gold and gold-backed assets exchanged in traditional markets, including limited market hours and the high frictional costs inherent in exchanging physical bullion .

Due to their superior liquidity, transferability, and availability in 24-hour markets, Cascarella saw gold and other assets as the future.

"The reality is that I think this trend is actually an unavoidable trend about where property will sit," he said of commodities.

One major barrier stands in the way, however: the creation of "interatia" towards adoption.

To date, Paxos has estimated $ 75 million, or 37,000 ounces - in gold, a fraction of the estimated $ 7.3 trillion global gold market. The Cascarella note that slows widespread adoption by betting steps: first adopting the blockchain, then choosing gold as a chain in the same way.

However, he believes the 5 to 10 multiplier at AUM, bringing the total token to a gold market of more than $ 1 billion, is where the market for token assets will actually begin to "cook with fire".

Also, Cascarilla thinks it may happen soon:

"Some of our partnerships in the pipeline will be able to bring in digital gold in the millions if not billions of people within the next 18 months… I think the adoption stage for both blockchain-based assets, but gold in particular, is very bright. Is, and that's where the future is going to be. "

Although Cascaella did not mention PayPal as a partner, commentators have speculated that the Paxos / PayPal integration could be a gateway towards mass adoption for cryptocurrencies - and if a lifeless token like PayPal If offered to use the property, they can be in the next line.

And, despite what gold worms like Peter Schiff are doing, Cascarilla believes that gold will be digitized, in particular, to compete with bitcoin.

"It has a lot of utility in today's world by being just a physical carrier property."

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NOVEMBER 07, 2020