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SEP 11, 2020

PAX Gold, Amp, and Compound Trading Now Available

Gemini Crypto-PAXG, AMP, COMP-Blog

We are pleased to announce that trading is now available for Amp (AMP), Compound (COMP), and Pax Gold (PAXG) on the Gemini platform.

With these additional cryptos, Gemini will offer trading and custody support for a total of 12 cryptos (BTC, ETH, BCH, LTC, ZEC, BAT, DAI, LINK, OXT, PAXG, AMP, COMP) and custody support for another 13 cryptos (ZRX, BRD, MANA, ENJ, GUSD, GNT, KNC, LOOM, MKR, NMR, OMG, STORJ, and CSP).

We will be offering USD trading pairs for PAXG, AMP, and COMP via our ActiveTrader™ platform and API connections, as well as trading pairs with all our supported fiats (USD, AUD, CAD, HKD) via our desktop and mobile platforms. These assets will provide you with a new way to interact with the crypto ecosystem.

Gemini Crypto-Pax Gold PAXG

PAX Gold is a digital asset where every token is correlated at a 1:1 ratio to one ounce of actual, physical gold held in reserve.

How It Works: With PAXG it’s now easier than ever to purchase gold. Each PAXG token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s vaults. PAXG gives you the benefits of actual physical ownership of gold with the speed and mobility of a digital asset. Unlike physical gold, PAXG is divisible (you can have fractional ownership of physical bars), liquid (you can trade it for fiat or cryptocurrency), and digital (securely store it on the Gemini Exchange and access anytime, anywhere).

Gemini Crypto-Flexacoin AMP

Amp is a digital collateral token for the Flexa network, a payment system that allows you to spend certain cryptocurrencies supported on the Gemini exchange with select retailers at their brick and mortar locations.

How It Works: When you make a purchase from a retailer via an app with Flexa, such as Gemini Pay, that app pays Flexa from your account in the cryptocurrency of your choosing and Flexa pays the retailer in their currency of choice. Flexa uses Amp as collateral to secure your payment from the time of purchase to the time of settlement with the merchant. If for any reason a Flexa-enabled app does not pay, Flexa uses the Amp staked to that app in order to repay the merchant. In this way, the amount of Amp staked to a given app acts as an upper limit on how much money that app can owe the Flexa network at any time. In return for staking Amp to a given app, network participants receive a portion of the processing fees earned by the Flexa network for all transactions processed through that app.

Gemini Crypto-Compound COMP

Compound is an open-source platform that allows you to lend and earn interest, or borrow and pay interest, against your crypto.

How It Works: You either lend or borrow crypto on the platform and you receive a “cToken” in exchange, corresponding to the specific asset you lent or borrowed. The Compound protocol algorithmically determines the interest rate that you earn or pay, so it changes with the markets every day. COMP is the governance token of the Compound system – you earn small amounts of COMP token for participating in the platform, and holding COMP allows you to vote in changes to the protocol. One percent of COMP holders must support a given change, and if a governance change to the protocol is passed it will take effect two days later giving anyone with a negatively affected position the time to close it out.

These assets expand the range of our platform and further our mission to empower the individual through crypto. We have worked closely with the New York State Department of Financial Services to obtain approval to offer trading and custody services for these new assets and we look forward to continuing to bring mission-oriented projects to you in the future.

Please contact with any questions.

Onward and Upward,

Team Gemini

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