PAX Gold is a gold-backed crypto asset launched by the creators of Paxo Standard. PAX Gold is an ERC -20 token on the Ethereum blockchain. The core feature of PAXG is that it can be traded across blockchains. PAX Gold is a product of Paxos Trust Company. PAXG offers a unique way for investors to invest in tokenized gold and exchange the PAXG holdings for LBMA-accredited London Good Delivery gold bars.
Charles Cascarilla is the founder of Paxos Standard and Pax Gold. He graduated with a degree in finance from the University of Notre Dame. He also co-founded Cedar Hill Capital Partners in 2005 and has been a part of many venture capital projects involving blockchain technology.
PAX Gold works as a channel to digitize Gold through tokenization. PAX Gold crypto is backed by Gold as 1:1 ratio. The 1:1 ratio means that every PAX Gold is backed by an ounce of gold on the PAX Gold protocol. Currently, PAX Gold is available on the Ethereum network. Token holders can exchange their holdings for LBMA-accredited London Good Delivery gold.
While there are many crypto assets that are backed by fiat to offer stability in value, PAXG Gold is designed to offer gold in digitized form. While there are many ERC-20 tokens in the crypto market, PAXG Gold offers the ease to trade, buy or sell PAXG Gold without any hassle. Compared to physical gold which requires too many steps to purchase like checking for certification of the asset, the making charge and the depreciation of Gold when it is being divided to make different pieces. With PAX Gold one can invest in gold that is secured by a blockchain.
Use this three-step process to buy your first PAX Gold Crypto using the CoinDCX crypto investment app
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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