DeVere adds gold digital asset to cryptocurrency app

DeVere Group has added gold-backed digital asset, Pax Gold (PAXG), to deVere Crypto to join other major digital currencies including Bitcoin, Ethereum, Dash, Cardano, Bitcoin Cash, XRP and Dogecoin.

Each PAXG token is backed by a piece of London Good Delivery gold bar, kept in Brink's gold vaults, which is the approved storage company of the London Bullion Market Association.

The addition of Pax Gold on the deVere Crypto exchange comes a day after Bitcoin, the world's largest cryptocurrency by market capitalisation, fell as much as 15% just days after hitting a new record high of $64,000.

Nigel Green, CEO and founder of deVere Group, said: "We have added Pax Gold, an established cryptocurrency that is entirely backed by gold, due to ongoing and increasing client demand for digital assets.

"Pax Gold offers investors the liquidity, flexibility and security of a blockchain-based cryptocurrency, together with the reputation and credibility of a valuable physical commodity."

He added: "The booming crypto market is known for being volatile. Many investors like the volatility as it can provide highly rewarding buying and selling opportunities.

"However, the market ups and downs aren't for everyone. Pax Gold will appeal to investors who want to have exposure to digital assets - which are increasingly regarded as the future of money - without the higher levels of volatility."

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