Digital Banking

CoinFlip adds Pax Gold to ATMs

April 5, 2023

CoinFlip, a fintech and cryptocurrency ATM provider, has integrated the Pax Gold token into its network of 4,000 ATMs in the U.S. and Puerto Rico. With this token, people can invest into gold as each token is backed by one fine troy ounce of gold stored in LBMA vaults in London, England, according to a press release.

Users can redeem tokens for gold, fiat currency or unallocated gold entitlements. The trades are conducted on the Ethereum blockchain.

"We're thrilled to offer a way to purchase physical gold through our ATM kiosks and Trade Desk. Cryptocurrency is often referred to as 'digital gold' so providing a way to tokenize a physical asset offers a unique intersection between traditional investments in precious metals and the innovative world of cryptocurrency," Ben Weiss, CEO and co-founder of CoinFlip, said in the release. "With spot gold prices reaching all-time highs and bitcoin approaching 9-month highs, PAXG provides investors a reliable way to diversify their portfolio beyond traditional financial institutions. CoinFlip is proud to make owning physical gold more accessible and secure for all."