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PAXG CRYPTO – Pax Gold is a Paxos-issued commodity-backed gold stablecoin that simplifies the process of owning gold by removing the hassles of keeping, protecting, and shipping physical gold.
What Is PAXG CRYPTO – Pax Gold?You have not selected any currency to display
PAXG CRYPTO was conceived to provide investors from all over the world with the ability to purchase gold in the form of digital ownership over real gold through the use of cryptocurrency. PAX Gold simplifies the process of owning gold for investors by eliminating the time-consuming and difficult procedure of storing, safeguarding, and transferring actual gold. PAX Gold is able to address many of the issues that face the modern-day gold market by combining actual gold ownership with the speed and mobility provided by cryptocurrency exchanges.
In order to address the fundamental issues with physical gold and traditional gold markets, Paxos Gold was established as an ERC-20 token called PAX Gold (PAXG) based on the Ethereum blockchain. With this token, Paxos hopes to address the issues related to physical gold and traditional gold markets. It can interact with a wide range of services, wallets, and exchanges that use the Ethereum protocol because it is an ERC-20 token.
How Does PAX Gold Work?
PAXG CRYPTO tokens can be staked, traded, or redeemed in exchange for physical gold. PAX gold is among the highest quality gold available on the market. The gold bars are certified in accordance with the London Bullion Market Association’s standards.
The PAXG CRYPTO backing contains no unallocated gold; instead, it is fully collateralized by physical gold at the ratio of one troy ounce (roughly 31 grams) of a gold bar meeting the London Good Delivery standard to one PAXG token.
The real gold bars are kept in some of the most secure gold vaults in the world. Despite the high quality of the gold and storage, PAX Gold charges no custodial or storage fees. The only fee is a transaction fee of 0.02 percent.
Aside from gold, PAX Gold strives to be transparent and reliable in its operations. The New York Department of Financial Services (NYDFS) regulates both PAX Gold and its parent company, Paxos Trust. Furthermore, PAX Gold separates the customer’s and the company’s assets, ensuring the customer’s protection in the event of Paxos’ bankruptcy. The policies and regulations of PAC Gold add an extra layer of security and peace of mind to investors.
What Is PAXG Token?
Pax gold (PAXG) is an ERC-20 stablecoin designed to assist investors in maintaining the benefits of purchasing gold while mitigating many of the disadvantages associated with the traditional gold investment process. Each PAXG token is backed by one troy ounce (t oz) of a 400-ounce London Good Delivery gold bar stored in Brinks Security vaults in London at a 1:1 ratio. PAXG, Paxos’ gold-backed cryptocurrency, is backed by London Bullion Market Association LBMA-accredited gold bars and is redeemable for physical gold.
PAX is minted on user demand, there is no maximum supply, and the token has a market capitalisation of $621.057 million.
Many major exchanges, including Binance, FTX, and Kraken, support PAXG on the open markets. A variety of user-generated liquidity pools are also available on the Uniswap decentralized exchange (DEX).
Because PAXG’s value is linked to gold, we can use gold price targets to make a PAX Gold price prediction for 2022 and beyond. According to Capital.com’s analysis, many forecasters are bearish on gold’s prospects in the coming years, pointing out that short-term gains could easily be reversed once geopolitical driving forces fade.
According to PricePrediction’s PAX Gold price prediction for 2030, PAXG could provide investors with 35-times returns. The bullish price target for 2025 is $8,776.68. Remember that these price targets are speculative and should not be used to make an investment decision. Currency.com recommends conducting extensive research on the token, the Paxos company, and the gold commodity’s future prospects.
Paxos Trust Company is the custodian of PAX Gold tokens and the real gold bars that are linked with them. When Charles Cascarilla and Rich Teo started Paxos in 2012, they were running the itBit Bitcoin exchange. Paxos Trust Corporation is the formal name of the company, which was formerly known as itBit. The New York Department of Financial Services awarded Paxos a limited-purpose trust charter, making it the first corporation in the United States to be recognized and regulated to provide cryptocurrency products and services, according to the Department of Financial Services.
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