PAXG: A fast, safe, and easy way to own physical gold.
- Gold has maintained its status as a valuable commodity for thousands of years. People have used gold to make jewelry, store value, and even hedge against inflation.
- However, buying physical gold can be risky, expensive, and cumbersome for the average person. For one, storing gold requires a safe location, such as a bank, which can be costly. Moreover, transporting gold from one location to another can be a complex task due to its heavy weight.
- Paxos Trust Company aims to address these challenges with PAX Gold (PAXG) — tokenized gold on a blockchain. In essence, PAX Gold is digital gold.
What is PAXG?
- PAXG is an ERC-20 stablecoin backed by physical gold reserves. As an ERC-20 token, it is compatible with any Ethereum-based wallet.
- Each PAXG token equals one troy ounce of fine gold housed in a secured London vaults based in London. In addition, all Paxos customers’ assets, including PAXG, are protected from bankruptcy and held separately from company assets.
- PAXG allows users to own physical gold bars, or fractions of one, without paying any vault storage or custody fee. Instead, users only need to pay a 0.02% fee for every transaction along with the Ethereum gas fee.
| XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b |
| XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b |
| XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b | XG is an ERC-20 stablecoin backed b |
XG is an ERC-20 stablecoin backed b
XG is an ERC-20 stablecoin backed b
XG is an ERC-20 stablecoin backed b
XG is an ERC-20 stablecoin backed b
XG is an ERC-20 stablecoin backed b
XG is an ERC-20 stablecoin backed bHolders can find their physical gold’s serial number and characteristics by entering their Ethereum wallet address on the PAXG lookup tool. Furthermore, they can redeem their PAXG tokens anytime for fiat currency, another cryptocurrency, or LBMA-accredited London Good Delivery gold bullion bars.
PAXG is regulated and approved by the New York State Department of Financial Services. To ensure that Paxos maintains its reserves, a third-party auditing firm performs monthly checks to verify that Paxos’ reserve of physical gold matches the supply of PAXG tokens. Interested users can find these attestation reports on Paxos’ official website.
Paxos’s crypto token, PAXG, lowers a barrier to entry to gold investment. Users can invest in physical gold without the burden of fees, storage, or transportation costs.
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