What is PAX Gold (PAXG)?
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.
Who are the founders of PAX Gold?
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.
How does PAX Gold work?
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.
Key Attributes of PAX Gold Crypto
- Ease of investing in PAX Gold: PAX Gold is the best contender to physical gold as it is easier to invest in tokenized gold.
- Security of precious resources: PAX Gold is one of the best asset classes that balances an individual’s investment portfolio during a bear market and inflation.
- Gold as a tradable asset: Physical Gold trade on a commercial level is difficult to run. PAXG being backed by real gold can be a good fit for investing and trading gold.
- Trusted Gold Investment: PAX Gold is a product of Paxos trust company and is regulated by the New York State Department of Financial Services. PAXG is approved and regulated by the DFS and fully backed by allocated physical gold held in secure vaults.
- Low fees of minting PAXG: PAXG are ERC-20 tokens that can be minted at a minimal fee. PAXO does not charge for storing physical gold in Brinks vaults.
What sets PAX Gold apart?
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.
How to buy PAX Gold Crypto (PAXG) in India
Use this three-step process to buy your first PAX Gold Crypto using the CoinDCX crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy PAXG on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy PAXG: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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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