But Paxos' digital asset, backed by physical gold on the blockchain, is a modern twist to invest in the space. Each token is equivalent to one troy ounce that is liquid and can be converted into greenback or unallocated gold in a Loco London unallocated gold account, according to the company.
"I think what's really unique about Paxos is that we're a trust company" with an independent board and auditor and being regulated by the New York State Department of Financial Services, Cascarilla said. "So we're regulated just like a bank, and the reason that's important is you're not just trusting us because we say you should. You're trusting us because we're regulated, we have oversight.
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