New York-based crypto startup, Paxos, plans to introduce digital tokens backed by precious metals and publicly traded stocks sometime in 2019, Fortune reports.
Paxos has already launched its own stablecoin called paxos standard token (PAX) and plans to launch precious metal-backed crypto, however, it has to ensure that it holds the same amount of inventory.
The head of Paxos, Chad Cascarilla, says the company wants to take "any type of asset and put it into a blockchain."
"We’re getting pretty close, and I think we’ll see it [gold-backed crypto] in 2019," he added in the interview with Fortune.
Last year, Paxos entered into the partnership with a popular and widely-used bitcoin wallet BitPay to give businesses and merchants access to the stablecoin.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.