PAX Gold is leading weekly gains, becomes highest gainer of the week

After the unfortunate market fall due to the FTX drama, PAX Gold (PAXG), an asset-backed token is leading the weekly gains.
The token has witnessed a whooping week-on-week gain of 5.26% and 1.12% within a day.

PAX Gold has bore the palm as it is the highest gainer of this week. Other than that, the altcoins have yet to gain that much, as they were in the red zone from some time in the recent past.

The FTX liquidity crisis has shaken the entire crypto world as, directly or indirectly, many names were associated with it. PAX Gold was also linked with FTX as it holds a certain amount of tokens.

At the time of writing, the price of PAX Gold is $1754.12 having a 24-hour trading volume of $57,716,815. The token is 1.45% up in the past one day. As per the market capitalization, it stands at 65th place, having a total market cap of $570,455,009.

The expansion of Paxos

The parent company of PAXG and the custodian of PAXG Gold tokens, Paxos, is going to increase its labor force in Singapore by a minimum of 130 workers. As per the reports of Bloomberg, for selling crypto goods and services, Paxos has got a license from the central bank of Singapore.

The co-founder of Paxos Global, Rich Teo, gave an interview in which he revealed that the company was expecting a three-year expansion event. He also wants to make Singapore a center of growth for outside America. At present, there are 20 and 350 staff of Paxos in Singapore and all over the world, respectively.

The company has total funding of over $500 million, having top investors such as OakHC/FT, Mithril Capital, Declaration partners, and PayPal Ventures. It is also among 20 companies that got licensed by the Monetary Authority of Singapore, which permits it to operate crypto-related activities under the Payment Services Act.

As the company has started expanding its staff in Singapore, the step is going exactly opposite to the remaining digital asset world. We have witnessed that big companies have also laid off their employees in the last few months. From the start of April, about 11,700 crypto-associated jobs have been lost, as per the news reports and official statements.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing