A gold-backed digital asset has been added to one of the world's largest financial advisory and fintech organisation's cryptocurrency app.
deVere Group added 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, says: "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 continues: "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."
Launched in 2018, deVere Crypto is a pioneering app on which users can buy, sell, hold and exchange major cryptocurrencies. Digital assets, which are established and qualified by experts, are often added as the market develops. This year, Cardano, Dogecoin and now Pax Gold have been included.
Mr Green recently noted: "Crypto is a burgeoning asset class and it's one that is set to play a larger and larger role within the global financial system.
"In today's digitalised, globalised world, the demand for digital, global currencies in some form – is only set to grow.
"From now on, there will always be widely-used non-fiat money."
The deVere CEO concludes: "We're delighted to be able to now offer Pax Gold, which gives investors an easy and safe way to have exposure to real, regulated gold.
"This highlights our commitment to providing clients the opportunities and rewards of digital currencies."