Modified on: Fri, 22 Sep, 2023 at 11:58 AM
Pax Gold (PAXG) is a gold-backed cryptocurrency, launched by the creators of Paxos Standard (PAX) in September 2019. Each token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink's vaults. Holders of PAXG may redeem physical gold from Paxos and its partners. Since PAXG represents physical gold, its value is tied directly to the real-time market value of that physical gold. The main goal behind Pax Gold is to make gold more tradable, as the physical commodity is not easily divisible or flexible in terms of transport. Pax Gold was created to allow investors to buy indefinitely small amounts of gold through the cryptocurrency, eliminating minimum buy limits. Anyone who owns PAXG has ownership rights to that gold under the custody of Paxos Trust Company.
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