Bitget Wallet is capitalizing on worldwide financial anxiety with the launch of tokenized gold trading through PAXG—a token issued by Paxos.
As gold prices surged over $3,200 in light of increasing geopolitical tensions, the non-custodial wallet enabled the buying and trading of digital gold on a blockchain. The move is part of a larger trend of merging real-world asset trading with Web3 infrastructure.
Each PAXG token is offered 1:1 with a physical ounce of gold on deposit in a vault, providing users a theoretically blockchain-based method to hedge against inflation and market volatility. Bitget Wallet supports both spot and futures trading on PAXG, representing how digital wallets are expanding from passive storage of assets to trading platforms.
To drive usage, Bitget tied the launch of PAXG to a trading campaign set to last until April 20, which has a total prize pool of $9,000 in prizes. While it is not uncommon to see trading incentives like this in the DeFi space, it comes at a time when crypto platforms are trying to incentivize returns amid dipping retail volume and a cautious market sentiment.
While Bitget Wallet presents slick messaging around stability and accessibility, it should also be viewed in the context of the emerging race among wallets and exchanges to provide tokenized versions of traditional assets and monetize the narrative around safety and security in uncertain financial times.
"As traditional finance and Web3 converge, we believe digital access to real-world assets like gold should be effortless," said Alvin Kan, COO of Bitget Wallet. He also noted that, "With this campaign, we're giving users an easy way to tap into the gold narrative while enjoying the full benefits of onchain trading."
At the time of writing, PAXG is trading at $3,238.84, as per CoinMarketCap’s price feed. The current price is up by 7.15% in the last seven days.