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US – Cloudbet integrates Pax Gold coin onto platform

By - 20 October 2020

Cloudbet has added Pax Gold to its platform, allowing players to bet online with gold for the first time.

The integration of gold betting on a crypto-gaming platform marks a unique milestone in the evolution of tokenisation, whereby a physical asset is made divisible, tradable and easier to exchange through smart contracts and blockchain technology.

Each unit of PAXG is a digital asset backed by one fine troy ounce of a gold bar held in custody by the Paxos Trust Company.

“Tokenisation allows individuals to express their spending habits through the assets they choose to hold, rather than having to use currencies to which they hold no philosophical or economic attachments,” a Cloudbet spokesperson said. “In this case, we’re empowering players that want to own gold with the means to place bets with a gold casino or a gold sportsbook.”

New players who deposit PAXG with the operator are eligible for a welcome bonus worth up to five units of the gold coin (almost $10,000 at current prices), as well as 100 free spins over two weeks on a gold-themed slot in the Cloudbet casino.

PAXG is Cloudbet’s third major stablecoin betting integration after launching USD Tether and USD Coin earlier this year. For crypto gaming, stablecoins have been put forward as a solution for players seeking to protect the value of their cryptocurrency winnings from the extreme price fluctuations experienced by holders of non-stablecoins.

PAXG’s value is tied to the price of gold, while USDT and USDC are fixed on a one-to-one basis with the US dollar, meaning the fiat values of winnings in these currencies don’t swing with cryptocurrency market prices.

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