NairaCoin Vaulted in Okija Shrine
A U.S. cryptocurrency company called Paxos has been selling stablecoin, a digital token backed by actual U.S. dollars. Now it's expanding with a token called PAX Gold to be backed by gold held in a London vault. The innovation in this space may simply imply that Nigerian entrepreneurs may need to create NairaCoin tied to the actual naira, and then for the gold, they have it in Okija shrine which is a feared shrine you do not mess up with. I do believe that cryptocurrency, not as an investment asset, but a means of exchange (the way Facebook plans to do it with Libra) will be here.
Paxos, a New York cryptocurrency company known for selling a so-called stablecoins pegged to the U.S. dollar, is getting into precious metals. On Wednesday, it announced a product called PAX Gold, which lets customers buy a digital token that is backed by one troy ounce worth of gold held in a London vault.
The company says the token provides customers with actual ownership of the gold in question—Paxos will even provide the serial number of the corresponding gold bar in London. Customers will also be able to buy and sell Pax Gold tokens on various blockchain networks, which will register the reassign the ownership rights to the gold. Paxos also notes that, since it is a regulated trust company, clients' gold is totally secure, including in the event of bankruptcy.