Imagine carrying gold across borders with no intermediaries
PAXOS' new precious metals strategy backed by the blockchain will provide fractional ownership & the next generation for stablecoins
|genesis Block||Mar 14, 2019|
Imagine walking across the border from one country to another, and your assets were portable via a private seed phrase that you memorized. The freedom of no intermediaries, regulatory bodies, or technology barriers to get access to assets safely from one place to another can be empowering. Today, when it comes to bringing accounts from one border or bank to another, there are fees, intermediaries, and taxable events. One thing that is quite interesting is being able to back assets such as precious metals, public stocks and settle them more quickly and securely by using blockchain technology. Paxos is doing this now as the next item on their roadmap after they have successfully pegging cash reserves to a blockchain.
According to Fortune http://fortune.com/2019/03/11/gold-cryptocurrency-stocks-blockchain/ “In order to make it work, Paxos has to ensure that it holds the same amount of inventory—whether that’s dollars, precious metals, or stocks—in the “real world” as are registered on the blockchain. “How you do it with a gold token is how much gold you have in a vault equals how many gold tokens outstanding,” Cascarilla explained. “How do you do it with stocks? How many stocks do I have sitting in an account, equals how many stocks in the blockchain.” Another thing that this opens up is fractional ownership of gold bullion, ways to have secondary markets, and allowing innovative ways to backup other assets.”