A lot of bitcoiners are former gold bugs that count on “hard money,” so one cryptocurrency company is hoping digitized gold will certainly bring in extra investors.

Paxos, the New York-based exchange as well as stablecoin issuer, just released a gold-backed cryptocurrency asset called Pax Gold (PAXG), with each ethereum-based token encapsulating the lawful title to a physical bar of gold saved in the Brink’s London vault. Pax Gold has actually been accepted by the New York Department of Financial Services.

It’s not a representation of the commodity, it’s actual legal title to it,” Paxos CEO Chad Cascarilla told CoinDesk. “This is the exact point of the blockchain, the exact premise, that you can now make [possessions] easily moveable and divisible and not be tied to a manual, physical process.”

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