LONDON, Oct. 19, 2020 /PRNewswire/ -- Cloudbet, the pioneering crypto casino and sportsbook, has added Pax Gold to its platform, making history by allowing players to bet online with gold for the first time ever.
The integration of gold betting on a crypto-gaming platform marks a unique milestone in the evolution of tokenisation, whereby a physical asset is made divisible, tradable and easier to exchange through smart contracts and blockchain technology. Each unit of PAXG is a digital asset backed by one fine troy ounce of a gold bar held in custody by the Paxos Trust Company.
"Tokenisation allows individuals to express their spending habits through the assets they choose to hold, rather than having to use currencies to which they hold no philosophical or economic attachments," a Cloudbet spokesperson said. "In this case, we're empowering players that want to own gold with the means to place bets with a gold casino or a gold sportsbook."
New players who deposit PAXG with the operator are eligible for a welcome bonus worth up to 5 units of the gold coin (almost $10,000 at current prices), as well as 100 free spins over two weeks on a gold-themed slot in the Cloudbet casino.
PAXG is Cloudbet's third major stablecoin betting integration after launching USD Tether and USD Coin earlier this year. Stablecoins protect the value of cryptocurrency winnings from the extreme price fluctuations experienced by holders of non-stablecoins.
PAXG's value is tied to the price of gold, while USDT and USDC are fixed 1-to-1 with the US dollar, so fiat values of winnings in these currencies don't swing with cryptocurrency market prices. Traditional fiat currency audiences can utilise stablecoins to trial the benefits of betting with crypto: Fast transactions, low fees and industry-leading bonuses.
The new coin amplifies what's on offer at Cloudbet for players seeking the best odds and highest limits for crypto betting. Founded in 2013, Cloudbet is one of the world's longest established bitcoin betting operators, with a history of innovation in the crypto-gaming space.
The operator relaunched its site in April and has introduced a swathe of bold new features including esports, politics betting and easy credit-card coin purchases. The site also accepts ethereum and bitcoin cash.
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