Nexo Expands Gold Offering With New “Earn” Option

London, October 20, 2020 — Nexo, a leading digital assets institution, now offers its clients the opportunity to earn up to 5% interest on their PAX Gold with the asset-backed token’s integration into the Earn on Crypto suite. Spurred by the growing demand for tokenized gold, the move closely follows the launch of the PAXG-backed Crypto Credit Lines in March 2020.

“Gold – a $7 trillion industry – remains an investment stronghold in times of trouble, as its increased desirability during the COVID crisis so poignantly reiterates. Tokenized gold is arguably the smartest way to own this precious metal, with PAXG being one of the most widely adopted tokenized gold assets. The ability to now earn interest on PAXG, as well as borrow against it, increases its utility even further,” commented Nexo Co-founder and Managing Partner Antoni Trenchev.

Interest in tokenized gold grew steadily in 2020, with demand for PAXG in particular rising by close to 25% over Q2 and Q3, according to CoinMarketCap. Reflecting this trend, Nexo marked a 61.2% quarter-on-quarter increase in the amount of loans PAXG-collateralized in Q3 2020, with 78% of the company’s clientbase also responding in a recent poll that they were interested in buying digital forms of gold.

Nexo has supported PAX Gold since the token’s launch in late 2019, when the company began offering gold-backed credit lines to institutional clients. By December 2019, investor demand prompted Nexo to purchase $5 million in PAXG to meet needs, accelerating PAXG’s market cap growth to over $11M at the time, and leading to the asset’s integration into Nexo’s retail offering.

PAX Gold is an Ethereum blockchain-based regulated digital token from Paxos Trust Company, Each token represents one ounce of premium, institutional-grade gold, Good Delivery gold held in London-based Brink’s vaults. PAXG allows for large-scale fractional ownership and inclusive participation in the growth potential of gold.

About Nexo

Nexo is a leading digital assets institution. Committed to enhancing the value and utility of digital assets, the company offers a comprehensive suite of services including advanced trading solutions, liquidity aggregation from top trading venues, and flexible asset-backed credit lines. Since its inception in 2018, Nexo has processed $130+ billion for 7,000,000+ satisfied users across more than 200 jurisdictions. For more details, visit: nexo.com.

Media contacts for Nexo:

Stella Zlatareva [email protected]