Pundi X and Scoin Collaborate to Integrate Pax Gold (PAXG) from Paxos on XPOS, Facilitating Seamless Purchasing and Transition Between Physical and Digital Gold in the South African market
CapeTown, South Africa and Singapore, January 31, 2024 — Pundi X, a global blockchain-powered point-of-sales solution developer and Scoin, the largest physical gold coin exchange in Africa, have joined forces to pioneer a revolutionary integration of Pax Gold (PAXG), a regulated digital gold token. PAXG is 1-to-1 backed by 1 troy ounce of London good delivery physical gold, issued by Paxos, a leading regulated blockchain & tokenization infrastructure platform. Customers can now seamlessly buy both digital and physical gold at Scoin retail locations via the Pundi X Point-of-Sale (XPOS) system. This integration not only enhances the way users transact, buy, and redeem both gold coins and digital gold tokens, but also introduces Scoin as a key player in the seamless transition between digital and physical gold.
Bridging Digital and Physical Realms: PAXG on XPOS with South African Gold Coin Exchange (SAGCE) & The Scoin Shop (Scoin)
The integration of PAXG on the XPOS platform signifies a pivotal step in merging the digital and physical realms of gold exchange. With this launch, users now have the unprecedented ability to effortlessly transition between the digital representation of gold and tangible gold coins on the XPOS platform. Scoin, leveraging the XPOS system, enables customers to purchase digital tokens and physical gold using the same trustworthy processes and purchasing methods as expected by Scoin’s customers and the South African market. In addition to purchasing gold coins and digital gold tokens, individuals can redeem tokens for physical gold at any store, demonstrating the 1-to-1 backing of PAXG and the interoperability between the physical and digital space.
A Streamlined Approach to Gold Transactions
"With the integration of PAXG on XPOS, users can experience a streamlined process for buying physical gold coins and digital gold tokens, with the ease and security of blockchain technology. Scoin, as a gold coin exchange shop in South Africa, enhances this experience by facilitating a seamless transition between digital assets and physical gold coins," says Rael Demby, CEO of Scoin.
Ezee Solutions Group plays a crucial role as Pundi X’s on-the-ground partner in Africa, bridging the gap between cryptocurrency and local currencies. Its expertise and operational support ensure a smooth transition for users in South Africa, making digital-to-physical gold exchange a reality.
"The integration of PAXG into the XPOS system marks a significant milestone in asset exchange technology. At Ezee Solutions Group, we are thrilled to be at the forefront of this innovative venture, offering unparalleled service and technology to our users in Africa. This collaboration with Paxos and Scoin underscores our dedication to expanding the accessibility and practicality of blockchain technology in the gold exchange market," comments Daniel Katz, Managing Director of Ezee Solutions Group.
Addressing the Growing Demand for Digital-to-Physical Gold Transactions
The COVID-19 pandemic in 2020 and the economic and geopolitical uncertainties led to a surge in gold prices and increased trading volume as investors sought refuge in safe-haven assets amidst economic uncertainties.
PAXG provides a modern, safe, and technologically advanced way to access physical gold, offering global reach, and serving as a valuable diversification tool for investors seeking exposure to gold in an evolving financial landscape. As a regulated token, PAXG, represents the full and legal ownership of physical institutional grade gold whereby the owner knows exactly to the serial bar number the gold they own. Every month, a leading auditor confirms the gold reserves backing PAXG match the supply of PAXG tokens 1:1. (View attestation reports at https://paxos.com/attestations/.)
"As the demand for gold continues to rise, Paxos is at the forefront, offering people a seamless and secure method for engaging in the gold market. PAXG being a fungible token 1-to-1 backed by physical gold ensures we can always enable customers to redeem tokens for physical gold and through the integration with Scoin and PundiX, enable customers to exchange digital-to-physical gold in store and vice versa. The interoperability between physical and digital assets plays a vital role in meeting the needs of users in South Africa," mentions Charlie Waple, Director of Business Development at Paxos
Tokenizing Gold: Navigating the Future of Assets
The collaboration between Paxos, Pundi X and Scoin to bring PAXG to South Africa is representative of the broader trend of tokenizing real-world assets and navigating the future of asset management. By providing users with the ability to bridge the digital and physical aspects of gold exchange, all three companies showcase their commitment to innovation in the blockchain and cryptocurrency space.
"As we navigate the future between digital and physical gold exchange, the collaboration with Paxos, Scoin, Ezee Solutions Group and Pundi X exemplifies our commitment to providing users with innovative and practical blockchain solutions. Scoin’s and Ezee Solutions Group’s involvement further solidifies our goal of making blockchain technology and digital assets accessible globally," adds Zac Cheah, CEO and Co-founder of Pundi X.
About Pundi X
Based in Singapore, Pundi X was founded in 2017 with the aim of harnessing the power of blockchain technology to make a more secure and inclusive world. Pundi X is a leading developer of blockchain-based point-of-sale solutions, committed to building decentralized physical infrastructure payment networks and making blockchain technology accessible to mainstream users. The company's XPOS device has been widely recognized for its role in simplifying cryptocurrency transactions at physical retail locations.
Pundi X has also been selected as one of the top 50 Innovative Fintech Startups in 2018 by KPMG and H2 Ventures, cool vendors in blockchain business by Gartner, and one of the top 10 fintech leaders by Singapore Fintech Association in 2019. For more information, please visit https://www.pundix.com.
Media Contact
press@pundix.com
About Scoin
The South African Gold Coin Exchange (SAGCE) & The Scoin Shop
With over 50 years in the industry, The South African Gold Coin Exchange (SAGCE) & The Scoin Shop have brought gold coins and collectables to South Africa. Exclusive relationships with the world’s most prestigious mints, a national retail footprint, an eCommerce site (www.scoinshop.com) and pioneering cryptocurrency payment systems, The South African Gold Coin Exchange (SAGCE) & The Scoin Shop are the market leaders.
Media Contact:
Susan Symondson susan@supersue.co.za
About Paxos
Paxos is the first regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Bank of America, Credit Suisse, Societe Generale and Revolut. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
