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Gold-pegged cryptocurrency could be a safe investment option

Gold Pegged cryptocurrency

TL;DR Breakdown

• Tether Gold and Pax Gold enter the list of the two leading cryptos.
• Gold-Pegged cryptocurrency focuses on operating within decentralized and core networks.

Although gold is one of the most invaluable elements globally, this does not mean it is impossible to replace it. In the 21st century, the shiny metal took a backseat after cryptos with a value equal to or greater than developed.

A Gold-pegged cryptocurrency is a type of secondary crypto that fulfills the goal of giving value to the fiduciary currency. With this token, it will be possible to buy, negotiate, and obtain profits linked to the metal without the investor worrying about custody and storage. These cryptos could be compared to the precious metal CFDs, and ETFs used from the traditional market.

Gold-Pegged cryptocurrency a viable option today

Gold-Pegged cryptocurrency

With such a fluctuating market today, Gold-Pegged cryptocurrency is the most viable option to invest in. However, like gold, cryptos have positive and negative things that could affect your economy.

Gold-Pegged cryptocurrencies are virtual funds you can take anywhere in the world without fear for your safety. How the investor will transfer the crypto funds is simple and can be used through decentralized or central Exchanges.

Although the Gold-Pegged cryptocurrency advantages may tempt people to invest in it, also consider its risks. A negative factor of virtual trading gold is covering high commissions, decreasing its value. If the virtual gold trade is compared to the physical one, people will notice a more limited range in the digital version.

Crypto based on the value of gold

Whatever decision you have made about the Gold-Pegged cryptocurrency, you may need to know which cryptos are based on. XAUT, Tether Gold, and PAXG, Paxos Gold, are the top two tokens on par with gold, ranking 237th and 105th respectively on CoinMarketCap.

XAUT was launched in 2021 by the Tether team. The company’s goal was to make a gold-pegged utility token under the TRC20 and ERC20 networks. Its current value is $1994, increasing 1.04 percent in the last 24 hours. The cryptocurrency boasts a trade capitalization of $210 million.

But Pax Gold, or its acronym PAXG, is crypto launched in 2019 by the PAXOS company and focuses its value on one 400-ounce ounce of gold. The crypto is worth $1991 with a rising capitalization of $550,000,000. This cryptocurrency has gained priority among crypto fans and traditional traders.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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