Alongside growing demand for gold, interest in gold-backed digital tokens, which can be transacted and stored on cryptocurrency exchanges and wallets, has also grown of late. Since September 2019 a number of new gold-backed tokens have been issued from established crypto companies, such as Tether, Paxos and Blockchain.com, and the total value of gold-backed tokens has grown by over 16x in the past year to more than $160m in value.