[ad_1]
- The pioneer of crypto games adds the Pax Gold coin to its platform
- PAXG is Cloudbet’s third stablecoin integration this year
Cloudbet, the pioneer of casino and sports betting, 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 tokenization, whereby a physical asset is made divisible, negotiable and easier to trade through smart contracts and blockchain technology. Each unit of PAXG is a digital asset backed by one troy ounce of a gold bar held in custody by the Paxos Trust Company.
“Tokenization allows people to express their spending habits through the assets they choose to hold, instead of having to use currencies they have no philosophical or economic ties to,” a Cloudbet spokesperson said. “In this case, we are giving players who want to own gold the means to place bets with a gold casino or a gold sportsbook.”
New players who deposit PAXG with the operator are entitled to a welcome bonus of up to 5 units of the gold coin (nearly $ 10,000 at current prices), as well as 100 free spins in two weeks on a themed slot. gold in the Cloudbet casino.
PAXG is Cloudbet’s third major stablecoin betting integration following the launch of USD Tether and USD Coin, the largest coins in the stablecoin universe, earlier this year. For cryptocurrency games, stablecoins have been proposed as a solution for players looking to protect the value of their cryptocurrency winnings from the extreme price fluctuations experienced by non-stablecoin holders.
The value of PAXG is tied to the price of gold, while USDT and USDC are set on a 1 to 1 basis with the US dollar, which means that the legal values of winnings in these currencies do not fluctuate with the market prices of cryptocurrencies. For this reason, stablecoins have been championed as the key to convincing the traditional fiat audience to experience the benefits of cryptocurrency betting: fast transactions, low fees, and industry-leading bonuses.
The new coin amplifies what is offered on Cloudbet for players looking for the best odds and highest limits for crypto betting from the comfort of their home or on the go. Founded in 2013, Cloudbet is one of the most established bitcoin betting operators in the world, with a history of innovation in the cryptocurrency gaming industry.
The operator relaunched its site in April to appeal to a more diverse audience and introduced a number of bold new features including esports, political betting, easy credit card coin purchases, and three stablecoins. The site also accepts ethereum and bitcoin cash.
The operator caught the attention of industry watchers in June with an ambitious English Premier League campaign, under which his bookmaker was accused no margin on pre-match bets for all matches remaining in the season. This has allowed customers to access the fairest prices, and therefore the highest returns, on the market.
The campaign was an extension of Cloudbet’s long tradition “Best Odds” campaigns on sports including football, basketball and tennis.
