Investors and traders will be able to access a real-time, benchmark digital gold price 24/7, 365 days a year for the very first time
August 25 LONDON -- Beginning today, CF Benchmarks will offer a PAX Gold (PAXG) daily settlement and spot rate, updated every second. PAX Gold from Paxos Trust Company is the first regulated digital asset backed token that represents premium gold bars. The benchmark price indices are regulated benchmarks under EU BMR so can be used by regulated firms in the EU for the creation of financial and investment products. They will be published 365 days a year to give investors a trusted 24/7 digital gold price for the first time. Digital asset exchanges Kraken and itBit by Paxos will provide transaction and order book data for these indices. The new benchmark indices will become the latest members of the CF Cryptocurrency Index Family- Single Asset Series. Full index methodology and governance documents can be found here.
"Traditional gold markets only operate Monday through Friday, so this new offering opens new opportunities for financial markets.” said Sui Chung, CEO of CF Benchmarks. “This is the first step of realizing the promise of the tokenisation of assets onto blockchains. Investors and traders will no longer have the traditional two-day hiatus after every Friday afternoon before being able to value their gold holdings.”
Paxos created a market-changing innovation when it introduced the PAXG token as well as the associated secure blockchain and physical infrastructure to store gold bars on behalf of token holders. CF Benchmarks will now build this and provide a benchmark price for PAXG.
Commenting on the launch “PAX Gold has the flexibility and accessibility of crypto assets, while representing physical, secure, vaulted gold–without storage fees. By offering a PAXG-USD price index, CF Benchmarks is making it easier for investors to get accurate pricing data 24/7, which has never existed before in the gold market,” said Paxos Head of Strategy Walter Hessert.
To learn more please visit www.cfbenchmarks.com
About CF Benchmarks
CF Benchmarks is the leading provider of cryptocurrency benchmark indexes, authorised and regulated by the UK FCA under EU BMR. Its benchmark indexes are provided through public methodologies and transparent governance for tracking, valuing and settling risk in cryptocurrency financial services and products. CF Benchmarks’ indexes have been used to settle over $200bn of cryptocurrency derivative contracts listed for trading by CME Group and Kraken Futures. They are also used by Wisdom Tree as the Indicative NAV for its Switzerland-listed Bitcoin ETP.
Contact: Sui Chung, CEO, CF Benchmarks – [email protected] +44 207 655 6099
Paxos is a New York-regulated financial institution on a mission to create a global, frictionless economy. By building infrastructure to enable the movement between physical and digital assets, Paxos is creating a future where all assets—from money to commodities to securities—are digitized and can move instantaneously, 24/7. Today, as the first regulated Trust company for digital assets, Paxos technology makes it possible to tokenize, custody, trade and settle assets. Paxos is the largest issuer of regulated stablecoins including Binance USD (BUSD), a white-label stablecoin offered through Paxos Stablecoin as a Service. Paxos products also include: Post-Trade Confirmation Service, which has been used to confirm over $2 trillion commodities and FX trades, and Paxos Settlement Service, a settlement platform for US listed equity securities. With offices in New York, London and Singapore, Paxos takes a global view of modernizing the financial system. Learn more at www.paxos.com.
Disclosure - CF Benchmarks Ltd. is a wholly owned subsidiary of Kraken, a provider of input data to the indices produced by CF Benchmarks