Celsius Network, one of the largest crypto rewards platforms for borrowing and lending, recently announced the addition of PAX Gold to its platform. In doing so, Celsius mobile app users can transfer over their PAX Gold holdings and earn significant APY. With traditional banks offering near zero percent interest rates, earning high APY on digital gold ( Paxos Gold ) has never sounded better.
Celsius Network – Crypto Rewards Platform
Celsius Network continues to build out its infrastructure, creating an industry leading platform for digital asset lending and borrowing. In recent announcements, the company has added PAX Gold ( PAXG Token ) to its crypto rewards platform. By leveraging the Celsius mobile app, users are able to earn up to 4.5% APY on their PAX Gold. Aside from Tether Gold ( XAUt ), PAX Gold is the only other gold backed digital asset on the Celsius platform.
What Is PAX Gold ?
In simplest form, PAX Gold is a cryptocurrency that is backed by physical gold. The company behind the crypto, Paxos Trust Company, ensures that each PAX Gold is fully backed by one fine troy ounce of a London good ( 400 oz ) delivery gold bar. Instead of going through the hassle of purchasing physical gold, investors have the opportunity to streamline the experience and balance their investment portfolios with digital gold. It is important to note that PAX Gold is the only digital asset that is supported by LBMA certified gold bars that are kept in Brink’s vaults in London.
What Leadership Said
The CEO of Celsius Network, Alex Mashinsky, stated that:
“By adding PAXG to the Celsius platform, we’re providing our 170k+ customers with the easiest and most rewarding way to own and earn on physical gold. At a time when government-backed currencies are losing value at record speeds across the globe, it’s vital to offer trusted alternatives to traditional financial services. PAXG enables our customers to diversify their financial opportunities and put their own economic freedom into their own hands.”
Diversifying User Offerings
Back in August of this year, it was reported by Visionary Financial that Celsius Network was offering up to 12% APY on various stablecoins. In a push to create the top curated financial services, Celsius Network is offering users incentives that are unheard of in traditional finance.
In the traditional banking system, investors have nowhere to earn yield on their cash. According to Bankrate, the typical APY on a savings account is below 1%. With annual inflation expected to surpass 1% in 2020, investors parking their cash in these accounts end up losing value to inflation. With stablecoins pegging their value to fiat currencies, investors are deploying cash into stablecoins or safe haven assets like digital gold. This gives them the ability to seek better opportunities in the crypto markets.
Due to the inefficiencies in traditional finance, the crypto sector has seen explosive growth in digital assets that offer high yields. Additionally, Celsius Network is eliminating the complexities, and providing access to financial services in a seamless manner. During a time when many uncertainties exist in the economy, a typical user at Celsius has the ability to earn unmatched interest on digital gold and many other stablecoin assets. In addition, users have a simplified one-stop shop for other financial services such as access to quick loans.