Buy Pax Gold (PAXG), it’s easy!

What is PAX Gold (PAXG) and how it came about

The Paxos Trust Company was established in 2012 and until 2015 was known as itBit Bitcoin Exchange. The company was the first crypto exchange to be approved and regulated in the United States. Over time it expanded more and more, eventually establishing a partnership with PayPal to buy, sell and store crypto via the payments app. In 2019, a year after receiving some $65 million in funding, the company unveiled PAX Gold. 

The latter is in effect a stablecoin, the value of which is anchored and guaranteed by real gold reserves held by the company. Each 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 (PAXG)

Paxos undergoes monthly checks to certify that its supply of tokens actually corresponds to the amount of gold it has in its vaults. Users can redeem PAXG for gold bars at any time if they wish. The project 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 tokenization. The main advantage of buying PAX Gold (PAXG) seems obvious: buying it would mean holding physical gold while being able to take advantage of the positive sides of virtual assets, from speed to mobility, and eliminating aspects such as storage and actual transport of the metal.