It has been announced today that online cryptocurrency sportsbook Cloudbet has introduced a world-first in sports betting, whereby punters can wager on sports using gold via the platform Pax Gold.
By integrating gold as a currency for betting, the betting and gaming industry has witnessed a revolutionary milestone of tokenization that will see the physical asset of gold exchangeable via modern blockchain technology.
Pax Gold, also known as PAXG, is a ‘digital asset’ that displays each unit, backed by ‘one fine troy ounce of a gold bar held in custody by the Paxos Trust Company.’
Cloudbet is also able to offer new player bonuses using this new innovative currency, which is currently valued at around $2000 per unit. Eligible players can receive up to 5 units of gold coin in bonuses.
A spokesperson for Cloudbet commented on the new way of placing bets:
“Tokenisation allows individuals to express their spending habits through the assets they choose to hold, rather than having to use currencies to which they hold no philosophical or economic attachments.
In this case, we’re empowering players that want to own gold with the means to place bets with a gold casino or a gold sportsbook.”
The value of PAXG is currently tied to the price of gold and the currency is fast becomming a popular traded unit of value that comes with low associated fees, quick transaction times for deposits and withdrawals and promotional offers.
Cloudbet is a leading cryptocurrency betting site that has been in operation for some seven years. The site has undergone some major works and relaunched at the beginning of the year. The operator is also popular with betting customers that prefer to bet in bitcoin as oppose to traditional currencies.