PAX Gold PAXG
Report IssuePAX Gold (PAXG) is a digital asset. Each token is backed by one troy ounce (t) of a 400-ounce London Good Delivery gold bar held in Brink's vaults. If you own PAXG, you own the underlying physical gold under the care of Paxos Trust Company.
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Short Review PAX Gold
Crypto project PAX Gold (PAXG) is classified as a Cryptocurrency. PAX Gold is a token that is hosted on the Ethereum Network. The current total supply is 251,402.18 PAXG (Circulating Supply + Tokens yet to be released - Burned Tokens).
(PAXG)
PAXG Price Chart
The launch of PAXG token trading took place on 26 September 2019.
Cryptocurrency Pax Gold (PAXG)
Nowadays, the term “digital gold” has ceased to surprise anyone. One of those who helped him bring it to life was the Paxos trust company. It created an ERC-20 token called PAX Gold (PAXG) based on the Ethereum blockchain. PAXG can interact with many services, wallets or exchanges that integrate the ETH protocol. Paxos claims that PAXG is the safest way for clients to own gold. After all, the whole point is that by having tokens a person has physical, real gold. This gold is stored in Brink's vaults. One troy ounce of London Good Delivery gold bar corresponds to one PAXG token. Unlike some other cryptocurrencies that are not tied to the value of other assets, tokens like PAXG are asset-backed tokens and are 100% pegged to the price of the precious metal.
PAX Gold offers all its users the opportunity to own gold bullion with the same mobility and speed as any digital asset. For the convenience of all token holders, the company provides the opportunity to freely convert them into allocated gold, unallocated gold, fiat. (or vice versa). Moreover, at the same time, it reduces their exposure to calculated risk.
History of the Pax Gold project
In September 2019, the world saw the PAXG token for the first time. As mentioned above, this token was created by the Paxos trust company. The CEO and co-founder of Paxos is Charles Cascarilla. He is also a founding partner of Liberty City Ventures. Prior to this, Paxos was already known for the release of its stablecoin, Paxos Standard (PAX).
The company has 3 headquarters: in London, Singapore and New York. Paxos annually collaborates with corporations such as Deloitte and Grant Thornton in the field of internal audit. It's important to note that the company recently began supporting one of PayPal's newest services. With PayPal Digital Wallet, US users can easily buy, store and sell cryptocurrency. PayPal plays a crucial role in bringing awareness and benefits of cryptocurrency to countless people.
PAXG benefits
- High availability. Anyone can own a piece of London Good Delivery gold bar without investing huge amounts of money. Paxos provides the opportunity to own small shares of a token. The minimum purchase amount is 0.01 PAXG.
- Reliability. This company is approved and regulated by the New York State Department of Financial Services. Gold is stored in the safest vaults in the world. The compliance of the supply of PAXG tokens and gold is confirmed by an auditor every month.
- Possibility of exchange. If users have enough PAXG tokens, they can always exchange them for Good Delivery gold bars.
PAXG Disadvantages
- KYC Requirements . PAXG tokens are allowed for redemption and sale only to verified users. In case of violation of the issuer's contractual documentation, he has every right to prohibit the use of his tokens.
- High volatility. The price of gold does not fluctuate as much as the price of gold-backed cryptocurrencies.
