HONG KONG, 31 March, 2020 – AAX, the world’s first digital assets exchange to be powered by LSEG Technology and member of London Stock Exchange Group’s Partner Platform, announced today that it will be listing PhiGold (PGX) from the 31st of March, 2020. The exchange selected PGX for its first commodity finance token listing, because the project strongly aligns with AAX’s mission to connect crypto to global finance. By enabling traders to invest in gold, prior to its extraction from the gold mine, like buying real estate off-plan, PhiGold effectively makes it possible to purchase gold at a discount.
Amidst global turmoil, when even well-established safe haven assets are under pressure, AAX will be listing PGX, an innovative token that provides an alternative avenue for investors to gain exposure to the price of gold. Used to fund mining operations, the token is expected to print a yield curve as it moves towards the spot price of gold.
This will be AAX’s first commodity financed token listing. The exchange, which is built in anticipation of a maturing digital assets market and increased participation from institutional market participants in finance, selected this token because it provides a real-world example of how blockchain technology can be leveraged to disrupt a well-established industry. It provides an avenue for both institutional and retail investors to engage an area of investment, otherwise less accessible. Most notably, it paves a way for local communities to directly invest in a resource industry, from which they may otherwise have been excluded.
“We’re excited to be listing PhiGold as it offers a new way to engage a traditional asset class. With AAX, we’re always looking to innovate and explore different ways in which we can create bridges between crypto and global finance. Working with PhiGold presents such an opportunity and is part of a larger plan to enable our growing community of crypto traders to tap into traditional asset classes, and for more institutional clients to gain exposure to crypto,” said Michael Wong, Chief Operating Officer at AAX.
“In a market place that has seen many lobster pot ‘gold’ tokens and coins that appear to solely benefit the issuer, the PGX coin provides an investor with real “locked in” upside benefit and quantifiable risk mitigation,” said Mike Greenacre, Director at Digital RFQ.acre
About AAX
Launched in November 2019, AAX is the first cryptocurrency exchange to be powered by London Stock Exchange Group’s technology provider LSEG Technology. It Is also the first exchange to have joined London Stock Exchange Group’s Partner Platform, providing institutional clients ease of access to the crypto market.
Offering OTC, Spot, and Futures trading, quoting more than 50 cryptocurrency pairs and listing 5 perpetual futures contracts for Bitcoin, Ether, Litecoin, Ripple, and EOS, which can be traded with up to 100x leverage, AAX provides a secure, deeply liquid, ultra-low latency and fully compliant trading platform. http://www.aax.com
