Cloudbet adds gold betting to cryptocurrency offering
Operator adds PAX Gold stablecoin to platform in disruptive industry-first
Crypto-first casino and sportsbook operator Cloudbet has added the PAX Gold cryptocurrency to its platform, becoming the first operator to allow players to bet online using gold.
The launch of gold betting represents a major milestone in tokenisation, with a physical asset being made divisible and tradable via smart contracts and blockchain technology.
Each unit of PAXG is backed by one fine troy ounce of a gold bar held in custody by the Paxos Trust Company.
PAXG becomes the third stablecoin to be integrated with the Cloudbet platform following the additions of USD Tether and USD Coin earlier this year.
PAXG qualifies as a stablecoin as its value is tied to the price of gold and provides a layer of protection to owners from volatility.
As part of the marketing activation for the integration, Cloudbet is offering new players who deposit with PAXG a welcome bonus worth up to five units of PAXG, as well as 100 free spins on a gold-theme slot in the Cloudbet online casino.
A Cloudbet spokesperson said: “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,” they added.