Paxos plans to put precious metals on the blockchain

Paxos is working on a way to tokenize precious metals and stocks, Paxos CEO Chad Cascarilla told Fortune in an interview. The company currently offers dollar-backed stablecoins and bitcoins trading services. This year, the company is planning to launch some interesting initiatives and launching precious metals-backed tokens is one of them.

Cascarilla believes tokenising gold “can change the way a physical asset can be moved in a digital way.” Tokenising precious metals could potentially be the answer to the problem of making the assets more “divisible” and “transportable,” Cascarilla said, as it is impossible to divide gold bars into something smaller. According to Cascarilla, “having it [gold] sit in a vault but also having it be on a blockchain kind of bridges those two worlds.” 

The company is planning to announce partnerships regarding the future launch of precious metal-backed tokens.