What is Pax Gold?
Paxos Gold (PAXG) is a stablecoin whose value is pegged to real gold reserves held by Paxos, a for-profit company based in New York. Each PAXG token is redeemable for 1 troy ounce of fine gold held in vaults by Paxos and its partners, and its market value is intended to reflect the physical gold it represents. Paxos developed PAXG as a token on the Ethereum blockchain, which means it can be traded with other cryptocurrencies.
Why buy Pax Gold?
Paxos undergoes monthly audits to certify that its supply of PAXG tokens matches the amount of gold it holds in its vaults. Users can redeem PAXG for gold bars at any time if they wish. PAXG has effectively brought commodities into the crypto world, allowing people to invest in a store of value like gold without physically owning it, through its tokenisation.
How was it created?
In 2012, Paxos Trust Company was called itBit Bitcoin Exchange. The company was the first crypto exchange to be approved and regulated in the USA. With time, it became larger, until it established a partnership with PayPal to buy, sell and store crypto using the famous online payment system.
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