Bitget Wallet announced that it will provide support for spot and futures trading of Pax Gold, a tokenized version of the physical commodity, amidst rising global demand.
According to a press release shared with crypto.news, the decision to list Pax Gold (PAXG) is driven by increasing interest in tokenized gold, which has grown in tandem with the physical commodity. By integrating PAXG, Bitget Wallet aims to offer traders a digital alternative that combines the stability of gold with the accessibility of crypto.
Issued by blockchain infrastructure firm Paxos, PAXG is backed by physical gold on a 1:1 basis. Each token represents one ounce of physical gold stored in a vault, allowing users to gain exposure to gold through tokenization.
Recent data from TradingEconomics shows the price of gold surpassed $3,200 this month amid heightened geopolitical tensions. As of April 15, gold rose by 0.3%, or 9.5 points, reaching $3,222. Over the past month, physical gold has gained approximately 7.3%.
Often viewed as a hedge fund for investors, physical gold is not the only commodity on demand; digital gold has also emerged as a practical safe-haven for on-chain users. At press time, PAXG has gone down by 0.1% in the past 24 hours. It is currently trading hands at $3,239. In the past week, PAXG has gone up by more than 7%.
PAXG’s market cap currently stands at more than $738 million, with a 24-hour trading volume of nearly $60 million.
As part of the launch, Bitget Wallet has introduced a limited-time trading campaign with a prize pool valued at $9,000 that users can participate in to earn rewards. Starting from April 12 until April 20, users will be able to earn rewards by trading PAXG through Bitget Wallet’s swap feature or futures trading interface powered by tatadex.
COO of Bitget Wallet, Alvin Kan, stated that tokenized gold further bridges the gap between traditional finance and Web3 spaces. As more real-world assets become available for tokenization, he believes that “gold should be effortless.”
“As traditional finance and Web3 converge, we believe digital access to real-world assets like gold should be effortless,” said Kan in his statement.
