BlockFi Adds Support for PAX Gold (PAXG) and Tether (USDT)
3-09-2020, 15:44 35
Copyright on text and image: BlockFi.com
During periods of economic uncertainty, investors have often turned to gold as an important hedge against risk and as a store of value. In recent years, crypto has played a similar role in providing an alternative to traditional financial markets. PAXG combines these two critical investments, serving as the first crypto asset tied directly to the real-time market value of gold.
One PAXG token represents one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in professional vault facilities in London. Anyone who owns PAXG has direct ownership rights over that gold under the custody of Paxos Trust Company.
PAXG is supported by BlockFi’s BlockFi Interest Account (BIA), enabling crypto investors to earn monthly compounding interest. The initial annual percentage yield (APY) for PAXG is 4.0%. Clients will also be able to use PAXG as collateral for crypto-backed loans, and to trade between PAXG and BlockFi’s other supported currencies, including BTC, ETH, LTC, PAX, USDC, GUSD, and USDT (outside the U.S.).
Walter Hessert, Head of Strategy at Paxos, commented, “BlockFi has made it simple and compelling for investors to earn interest on their cryptocurrency. We’re thrilled that PAX Gold is now available on BlockFi so users can easily own the highest quality gold and earn interest from it.”
We’ll also be supporting Tether (USDT), a widely used digital asset and the world’s largest stablecoin by market value. USDT will only be supported for non-U.S. clients, and will have an initial APY of 7.0% through the BlockFi Interest Account. It will also be available for trading outside the U.S., allowing investors to exchange it for BTC, ETH, LTC, PAX, PAXG, USDC, GUSD, and USDC.
Stablecoins like USDT play an increasingly valuable role in helping people move funds using blockchain payment rails, facilitating global access to major markets and providing new opportunities for growth that many investors would not otherwise be able to access.
“We’re excited to support PAXG on our platform and expand the range of options for our clients,” said Zac Prince, CEO and Founder of BlockFi. “With both gold and crypto on a major upswing, this innovative opportunity to invest in both assets is a natural evolution within global markets.”
The addition of PAXG and USDT support is an important leap forward in BlockFi’s mission to deliver a robust, end-to-end experience for crypto investors. We’re continuing to grow our global presence and provide more opportunities for clients to seamlessly earn interest and conduct no-fee trading on a single platform.
If you have any questions, our support team is always happy to help. Call us at 646-779-9688 or email us at firstname.lastname@example.org.
– The BlockFi Team