PAXG coin has become one of the most popular cryptocurrencies in Turkey after being listed on the most recognizable domestic cryptocurrency exchange. Especially when it is marked by the price of PAXG coin, it is located at $1,737.54 of its last volatile chart.
PAX Gold (PAXG), which has attracted great interest from investors around the world, has recently become one of the favorite assets of the crypto money market. Regarding PAXG, which differs from other crypto assets in many ways, “What is it, how and from which exchange?” You can find the answers to your questions in this guide article.
WHAT IS PAXG COIN?
Paxos Gold (PAXG) is a crypto asset backed by real gold reserves designed and implemented by Paxos, a US-based non-profit firm. Each PAXG coin can be redeemed for 1 troy fine ounce of gold, which is secured by the company and its subsidiaries. Thus, it is important for PAXG to reflect physical gold as it represents the ecosystem cost.
Paxos designed PAXG as an icon on the ETH network; This means that it can be bought and sold with different crypto units and can be secured by the owners using cryptographic passwords.
In order to maintain its reserves at all times, Paxos undergoes 30-day checks to verify that the PAXG coin supply matches the amount of gold it holds. Investors can also use PAXG for gold bars at x time if they so desire.
PAXG coins can be divided to 18 decimal places and gold can be used at minimum rates through a universe-level network of physical gold wholesalers. Paxos Gold works in the ETH network and its operations work according to the rules of smart protocols told by the relevant network administration.
The firm charges a tiny fee (about 0.02%) for the realization and destruction of PAXG tokens. There are also on-chain costs that investors pay to move coins on Ethereum. In particular, Paxos monitors and audits every PAXG transaction using third-party solution products. This is done with the goal of examining possible fraud and money laundering cases. There are also scheduled smart protocol checks in the finale, where creators review the code to identify bugs and vulnerabilities.
WHO IS PAXG COIN?
PAXG, one of the most talked about cryptocurrencies of recent days, was founded in 2012 by Charles Cascarilla and Rich Teo. It is an expert venture in developing infrastructure for cryptocurrency exchanges.
3 years ago, Paxos launched Paxos Standard (PAX), a 1:1 backed crypto asset with US dollar reserves stored by Paxos in US bank accounts. Paxos Gold was launched in 2019. PAXG is now backed by gold secured in Brinks vaults and held in custody through the Paxos Trust Company.
PAXG Project and Whitepaper
Traders who buy PAXG Tokens also have physical gold stored by the Paxos Trust Company. Investors can redeem PAXG Tokens with Paxos and receive the corresponding value in US dollars. If the trader has more than 430 PAXG Tokens, there will also be an alternative to use them for gold nuggets. The difficulty of dividing, transporting and trading bullion, or physical gold in general, was the starting point for Paxos company to issue PAX Gold.
Although the Paxos company explained the reasons for the release of PAX Gold as facilitating gold trading, the company thinks that this project will also increase gold – crypto liquidity. Therefore, there are expectations in the market that some new financial products will be developed over PAXG Token. You can find more detailed information about PAX Gold (PAXG) Token, whitepaper and Whitepaper at https://paxos.com.
Who and Which Country Do PAXG Coin Founders Belong to?
PAX Gold (PAXG) Token was created by the Paxos company. Paxos Trust Company is a New York-based financial institution and technology company specializing in blockchain. The company’s product offerings include cryptocurrency brokerage services and clearing services. The company-operated Bitcoin (BTC) exchange ItBit was the first Bitcoin exchange to be licensed by the New York State Department of Financial Services, giving the company custody and exchange powers for its customers in the United States. Founded in 2012, Paxos is headquartered in New York and the company also has offices in London and Singapore.
What are the Usage Areas?
PAXG Token is indexed to gold at a ratio of 1:1 and therefore PAXG represents physical gold. The value of PAXG Token is therefore directly tied to the real-time market value of that physical gold. Based on ERC20, this token can be easily moved and traded anywhere in the world at any time. PAXG Token is not mined like other cryptocurrencies and all circulating PAXG Token values are released to the market equivalent to the amount of gold in the Paxos company’s vault. Investors who do not want to invest in gold directly, but want to add gold to their portfolio, invest in PAXG Token to diversify their portfolio.
What Makes The PAXG Project Unique?
There are some features that distinguish the PAXG project from the majority of other digital assets on the market. Accordingly, the features that make PAX Gold (PAXG) Token unique can be listed as follows:
- With a low minimum investment value, every investor can easily own a portion of LBMA-approved London Good Delivery gold bullion thanks to PAXG.
- The Paxos company behind the asset is a regulated trust company with the New York State Department of Financial Services and is also certified and regulated by PAXG, DFS.
- PAX Gold is the only gold token that investors can use for LBMA-approved Good Delivery gold bars.
On Which Exchanges Is PAXG Coin Available?
- Uniswap (v2)
- Crypto.com Exchange
Created by the Paxos Trust Company, established in 2012 and licensed by the New York State Department of Financial Services, PAX Gold (PAXG) is backed by 1 ounce of London Good Delivery gold bullion at a 1:1 ratio. The aim of the project is to eliminate the difficulty of physical gold trade, storage and transportation processes and division. Experts state that the fact that Paxos company is behind the project is a reassuring factor.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.