Pax Gold (PAXG)
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About PAXG
Pax Gold (PAXG) is a gold-backed cryptocurrency that represents a physical gold bar stored in a secure vault. Each PAXG token is backed by one fine troy ounce of gold, making it a digital representation of physical gold. Launched by Paxos, a New York-based company, PAXG is designed to provide a secure, liquid, and easily transferable way to own gold. As a regulated cryptocurrency, PAXG is subject to regular audits and examinations by the New York State Department of Financial Services (NYDFS), ensuring the stability and security of the Pax Gold ecosystem. With its gold-backed nature, PAXG offers a low-cost alternative to traditional gold investment methods, making it an attractive option for investors who want to diversify their portfolios. PAXG is traded on major cryptocurrency exchanges and can be easily stored in a digital wallet, providing users with a convenient way to buy, sell, and trade gold.
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Frequently Asked Questions about Pax Gold
What is Pax Gold (PAXG)?
Pax Gold (PAXG) is a gold-backed cryptocurrency that represents a physical gold bar stored in a secure vault. Each PAXG token is backed by one fine troy ounce of gold stored in LBMA vaults in London, making it a digital representation of physical gold. PAXG is designed to provide a secure, liquid, and easily transferable way to own gold.
How is Pax Gold backed by physical gold?
Pax Gold is backed by physical gold stored in a secure vault. Owning PAXG is equivalent to owning the underlying physical gold, held in custody by Paxos Trust Company, a licensed trust company, and is regularly audited to ensure that the gold reserves match the number of PAXG tokens in circulation. This ensures that each PAXG token is fully backed by physical gold.
What are the benefits of using Pax Gold?
Pax Gold offers users a secure, liquid, and easily transferable way to own gold. It provides a low-cost alternative to traditional gold investment methods, such as buying physical gold bars or investing in gold ETFs. Additionally, PAXG can be easily stored in a digital wallet, making it a convenient option for investors who want to diversify their portfolios.
Where can I buy and trade Pax Gold?
You can buy, sell, and trade Pax Gold on major cryptocurrency exchanges, such as Binance and Kraken.
Can I redeem my Pax Gold for physical gold?
PAXG is the only gold token holders can redeem for LBMA-accredited Good Delivery gold bullion bars. Institutional customers can also redeem for unallocated Loco London Gold. This provides users with a convenient way to convert their digital gold holdings to physical gold.
Is Pax Gold regulated?
Yes. Paxos, the company behind PAXG, is a licensed trust company and is subject to regular audits and examinations by the New York State Department of Financial Services (NYDFS). This regulatory oversight helps to ensure the stability and security of the Pax Gold ecosystem.
How is Pax Gold different from other gold-backed cryptocurrencies?
Pax Gold is different from other gold-backed cryptocurrencies in that it is regulated by the NYDFS and is backed by physical gold stored in a secure vault. This provides an additional layer of security and stability to the Pax Gold ecosystem, making it a more attractive option for users who value regulatory oversight and transparency. Additionally, PAXG is the only gold token holders can redeem for LBMA-accredited Good Delivery gold bullion bars.