CloudBet, a popular gaming platform, has just announced that from today onwards it will be possible to bet using gold using the PAX Gold (PAXG) token.
We were the first to bring you #Bitcoin betting, now you can bet with #GOLD 💰
Cloudbet ⚡ adds utility to PAX Gold ($PAXG) to become the first ever sportsbook to accept gold!
Sign up to earn a 5 PAXG Welcome Bonus and 100 Free Spins ➡️ https://t.co/4YcNXyI8c3@PaxosGlobal pic.twitter.com/K2nuuzhtxA
— Cloudbet (@Cloudbet) October 19, 2020
This platform, online from 2013, allows betting on different sports, as well as using cryptocurrencies in the casino. The possibility of betting on esports has also recently been introduced, as there are several online tournaments to participate in.
Stablecoins pegged to gold
Generally, in these systems, there are only the most popular crypto assets, as it is difficult to exploit specific tokens such as those linked to gold and in fact CloudBet will be the first and currently the only platform to integrate a token pegged to gold.
In this case, the token used is PAX Gold (PAXG) which, as the name suggests, is issued by Paxos. 1 PAXG is equivalent to 1 ounce of gold.
This gives utility to an asset that is rarely used, as most people use the asset as a versatile store of value or as a stablecoin to trade with.
In terms of price, it follows the trend of gold obviously, and in fact it is now at $1900. In total there are around 34 thousand PAX Gold tokens, with a market capitalization of over $65 million.
Tokens anchored to gold
Surely these tokens are very useful and can be used for a variety of things, besides trading or as a store of value. In fact, they can be used as a payment method.
Moreover, this news opens the way to all those platforms that offer services and accept crypto payments, such as Travala for flight and hotel reservations.
Furthermore, this could also extend to tokens linked to real estate and thereby make use of this type of asset to buy goods and services.
PAXG is not the only stablecoin pegged to gold, as there are many others, even more used, such as Bitfinex’s Tether Gold (XAUT), which in a couple of weeks after its launch had set records in terms of capitalization, surpassing the other similar stablecoins.