PAX Gold (PAXG) is a gold-backed cryptocurrency. Everyone who owns PAXG holds ownership of the underlying physical gold, overseen by the Paxos Trust Company.
What is PAX Gold?
Backed entirely by physical gold, PAXG’s primary platform, PaxGold, offers its users numerous features according to announcements:
- High Accessibility: Created on the Ethereum blockchain as an ERC-20 token, PAXG can be easily transferred or exchanged anywhere in the world 24/7. With a low investment minimum, anyone can own a part of an LBMA-approved London Good Delivery gold bar through PAXG.
- Reliable: Paxos is a trust company regulated by the New York State Department of Financial Services. PAXG is also approved and regulated by DFS. It is fully backed by gold held in the world’s secure and leading vaults. Additionally, a nationally rated expert confirms monthly that the PAXG tokens and the amount of gold are equivalent.
- Usable: PAX Gold is the only gold token you can use for LBMA-approved “Good Delivery” gold bars. For added convenience, smaller amounts can be used through a network of physical gold dealers worldwide. Institutional clients can also use unallocated Loco London Gold. Paxos customers can always use USD equivalent to the current gold market prices.
- Flexible: PaxGold can be easily converted into traditional currencies and physical gold through the Paxos platform. Additionally, many popular cryptocurrency exchanges support PAXG, and it can be used wherever ERC-20 tokens are supported. PAXG can also be used for trading on Paxos’s itBit exchange.
- Low Fees: Paxos uses a highly competitive fee structure for creating and using PAXG tokens in the Paxos wallet.
Moreover, according to announcements, since PAXG represents physical gold, its value is directly linked to the real-time market value of that physical gold.
What is PAXG Coin?
PaxGold, indexed to gold at a 1:1 ratio, is trading at 1,696 USD and 17071498 BTC against Bitcoin, as of the time this article was prepared. Additionally, it’s worth noting that PAXG hit its lowest point at 1,387 USD on November 26, 2019, and its record high at 3,487 USD on April 22, 2020.
Besides, according to CoinMarketCap data, PAXG, ranking 153rd in market capitalization, has a market value of 59,683,038 USD. Also, there are currently 30,306 PAXG in circulation.
Reviews on PAX Gold
Most comments regarding PAX Gold focus on topics like “PaxGold Binance, PAXG Binance, buy PaxGold, where to buy PaxGold?”. The fact that PaxGold is listed on major exchanges like Binance seems to inspire confidence in investors.
In addition, it’s observed that the limited supply of PAXG, compared to other cryptocurrencies, affects its price, making it higher than other tokens. Also, the fact that PAXG is fully backed by gold and this is audited monthly removes doubts in people’s minds.
How to Buy PAX Gold?
You can buy PAX Gold tokens from Binance, the world’s largest cryptocurrency exchange by trading volume.