blockchainreporter.net
In response to the high prices of gold, Pundi X Labs and Scoin, South Africa’s biggest physical gold coin exchange, have officially announced a strategic partnership. The companies agreed to leverage the blockchain while integrating Paxos on the blockchain to close the gap between physical and digital gold exchange. This measure is taken due to rising gold prices, which surged by over 13% in May 2024 to hit all-time record prices.
Amid soaring gold prices, @PundiXSA XPOS and Scoin, the largest physical gold coin exchange in South Africa 🇿🇦, leverage @Paxos #PAXG to bridge physical and digital realms on the blockchain, making gold exchange more accessible.
— Pundi X Labs (@PundiXLabs) May 14, 2024
Check it out 👇https://t.co/Sdi1X6GCE5#PUNDIX
Pundi X Labs and Scoin Partner to Simplify Gold Transactions in South Africa
The price surge is supported by increased demand for jewelry in India and China reported by the World Gold Council. Central banks are also buying gold to reduce their dependence on the US dollar and increase reserves diversification. The rationale of such action is also driving gold prices to all-time highs.
This is the goal achieved through the implantation of Paxos and the blockchain. Digital gold tokens are cryptographic representations of the value of gold. They are linked to gold reserves in the physical status, allowing investors to own digital shares of gold. The blockchain technology carrying tokens provides several advantages.
It lowers down the inhibiting factor and entrance thresholds for the traditional investor, enables easy purchase or sale on the cryptocurrency exchange, increases data transparency and traceability through immutable blockchain receipts, and ensures reliable protection against hacking or theft.
Pundi X Labs is a blockchain platform famous for blockchain-powered solutions. Mao has partnered with Scoin to incorporate Pax Gold on its XPOS device and make it easier to transact Swa and Digital Gold in the South African market.
Pundi X Labs and Scoin Partnership Sets New Standard for Gold Tokenization
The collaboration enables ease in acquiring and distributing gold on an exchange-based platform harness by cryptocurrency technology. This partnership not only ushers a new dawn in Pundi’s record tokenization and dematerialized finance but offers evidence that gold tokens are established investment tools in the crypto world.
In conclusion, the Pundi X Labs’ collaboration with Scoin is a clear example of how players in the cryptocurrency industry are leveraging the advantages of blockchain technology to takeover other markets such as gold trading. By linking the physical world to the digital space, Pundi X Lab and Scoin are working to actualize the revolution’s goals.