Paxos CEO Charles Cascarilla sees a bright future for tokenized assets — possibly through PayPal
In a panel last week for the London Bullion Market Association, Paxos founder and CEO Charles Cascarilla discussed the growth of Paxos’ gold-backed ERC-20 token, PAXG, and the future of asset tokenization more generally — a future that could well involve his company’s recently-announced integration with financial giant PayPal.
Speaking alongside Fidelity Labs director of product management Raghav Chawla and the LBMA’s Sakhila Mirza, Cascarilla told viewers that an asset-backed gold token was a natural fit for Paxos’ vision:
“It was really a very logical thing for us to launch a gold token given what we’re trying to do at Paxos, which is to be infrastructure for the blockchain-based financial system, the more open financial system that we think is going to evolve from the one we’re in now.”
He mentioned a variety of drawbacks that limit the utility of both physical gold and gold-backed assets exchanged on traditional markets, including limited market hours and high frictional costs inherent in exchanging physical bullion.
Because of their superior liquidity, transferability, and availability in 24-hour markets, Cascarilla sees tokenized gold and other assets as the future.