Fintech company CoinFlip has announced the listing and availability of PAX Gold token (PAXG) across its network of 4,000 ATM kiosks in the United States and Puerto Rico, as well as the company’s online Trade Desk. This will allow more people to invest in gold through PAXG tokens, bridging the gap between digital and physical assets.
PAXG provides investors with a cost-effective means of owning investment-grade physical gold in digital form without the hassle of logistical shipping and storage challenges, aggressive fees, or security risks. Each PAXG token is backed by one fine troy ounce of gold stored in LBMA vaults in London.
Investors can redeem their tokens for physical gold, fiat currency, or unallocated gold entitlements. Transactions can occur almost instantly through CoinFlip kiosks located across the United States.
CoinFlip CEO and Co-Founder, Ben Weiss, stated that “providing a way to tokenize a physical asset offers a unique intersection between traditional investments in precious metals and the innovative world of cryptocurrency.
“With spot gold prices reaching all-time highs and bitcoin approaching 9-month highs, PAXG provides investors a reliable way to diversify their portfolio beyond traditional financial institutions. CoinFlip is proud to make owning physical gold more accessible and secure for all,” Ben added.
Despite the challenging market conditions, CoinFlip has experienced significant growth in the last year, nearly doubling its headcount and expanding its ATM presence globally.
The company is projected to grow its team by 23% before the end of 2023 and has shown no signs of slowing down. CoinFlip increased revenue by $30 million from 2021 to 2022 and was named the No. 1 fastest-growing company in Chicago by Crain’s Chicago Business and ranked within the top 100 on the Inc. 5000, two years in a row.
CoinFlip operates the world’s largest network of cryptocurrency ATMs by transaction volume, supporting the buying and selling of major cryptocurrencies with cash.
In 2020, CoinFlip launched Trade Desk, an over-the-counter trading service that provides investors with a personal account manager and competitive coin pricing. The company has amongst the lowest fees in the industry.
CoinFlip was founded in 2015 and is headquartered in Chicago. The company placed in the top 100 on the 2021 and 2022 Inc. 5000 list, on the 2022 Deloitte Technology Fast 500, was named the 2021 and 2022 #1 fastest-growing company in Chicago by Crain’s, and was awarded the 2021 and 2022 Stevie Awards for Customer Service.