Is Pax Gold safe? PAX Gold is not only accredited with a gold standard, but it also functions dependably and transparently. Even with these top-notch security measures and high-quality gold, PAX Gold doesn’t charge any custodial or storage fees - only a 0.02% transaction fee. These gold bars are accredited by the London Bullion Market Association and stored in secure vaults around the world. PAX Gold allows users to trade, stake or redeem their tokens for high-quality gold bars. The PAX Gold token is built on the Ethereum blockchain, which gives it portability among wallets, exchanges, decentralized finance (DeFi) platforms, and other apps that use Ethereum. They have received strong institutional support and have raised over $500 million in total funding from investors like OakHC/FT, Mithril Partners and PayPal Ventures. ![]() In addition to PAX Gold, they have also created PAX Dollar (USDP), a digital United States dollar and stablecoin. PAX Gold is not the only crypto project that Paxos has undertaken. Charles Cascarilla and Richard Teo, both former analysts at different firms (Cascarilla at Goldman Sachs and Teo at Cedar Hill Capital Partners), founded Paxos in 2012. The Paxos Trust Company, a financial institution and tech company based in New York City that specializes in blockchain technology, created PAX Gold. PAX Gold boasts a combination of qualities from both physical gold ownership and cryptocurrency that provide solutions to many modern-day challenges in the gold market such as high costs, storage concerns and the lack of liquidity. ![]() Also, shares can be bought fractionally, which makes it more accessible for retail investors who otherwise would be hindered by the high cost of gold. PAX Gold investors are spared the trouble of storing and securing physical gold, as well as transporting it. Related: What is a gold-backed token and how does it work? The Paxos-backed cryptocurrency, PAXG, is backed by the London Bullion Market Association (LBMA) certified gold bars and may be redeemed for actual bullion. Each PAXG token is linked to a 1:1 ratio to one troy ounce (t oz) of a 400-ounce London Good Delivery gold bar stored at Brinks Security vaults in London. Paxos Gold is a cryptocurrency that is backed by real gold reserves held by Paxos, a for-profit company in New York. This article will discuss PAX Gold (PAXG) and analyze how the cryptocurrency works. PAX Gold has discovered a method to combine cryptocurrency with physical gold assets, making it attractive to investors accustomed to conventional alternatives. There is one crypto company, PAX Gold (PAXG), whose goal is to make gold ownership more democratic and available to everyday investors by allowing them to trade it like any other cryptocurrency. Although, for most individual investors, owning gold can be difficult and out of reach. Even with the invention of decentralized digital cryptocurrency, gold has remained just as prominent. Gold is a commodity that dates back thousands of years as a store of value and as a means of exchange and is still successful today. Now, investors must ask themselves: which option should I choose - crypto or gold? ![]() In 2021, the global market capitalization for cryptocurrency surpassed $2 trillion. ![]() However, physical commodities such as gold are still in high demand. In recent years, nonfungible tokens (NFTs), cryptocurrencies and other modern investment options have become trendy.
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