Paxos is a licensed financial organization building a digital asset ecosystem, of which Pax GOLD (PAXG) is a token representing physical gold, transparent and safe on the Ethereum blockchain.
PAXG not only represents real gold assets but also bridges traditional financial markets and the Web3 economy. Paxos operates PAXG with physical gold backing systems, public audits, and efficient trading support in the cryptocurrency environment.
MAIN CONTENT
Paxos is the issuer and guarantor of Pax GOLD – a physical gold token on the Ethereum network.
PAXG possesses transparency, safety, high liquidity, and can be directly converted into real gold.
PAXG represents an alternative solution to traditional gold ETFs, serving investments in the Web3 era.
What are Paxos and Pax GOLD (PAXG)?
Paxos is a fully licensed financial institution, issuing digital asset tokens linked to physical gold.
Founded in New York and monitored by NYDFS, Paxos aims to tokenize assets, with products like USDP, BUSD, and most importantly, Pax GOLD (PAXG) – an ERC-20 token representing real gold on Ethereum.
What is Paxos?
Paxos Trust Company is a financial company specializing in developing blockchain and stablecoin platforms, providing digital financial solutions aimed at bringing a variety of traditional assets to blockchain.
What is Pax GOLD (PAXG)?
PAXG is an ERC-20 standard digital token, each token equivalent to 1 ounce of standard London Good Delivery gold securely held in Brink's vault. The value of PAXG always closely reflects the world gold price in real-time.
The connection between Paxos and Pax GOLD (PAXG)
The copyright and operation of PAXG fully belong to Paxos. The company holds physical gold that backs 100% of the circulating tokens and provides regular transparent audit reports to ensure true gold ownership.
Paxos operates a mint/burn system to balance tokens with gold reserves.
Managed under the model of "custodian + issuer", protecting the rights of holders.
Supports API integration, blockchain bridging, intermediaries for the DeFi and CeFi ecosystem.
Paxos CEO Charles Cascarilla (2023) stated: "PAXG embodies the mission of tokenizing traditional assets, providing transparency and security for users on the global blockchain."
Charles Cascarilla, CEO of Paxos, 2023
Operating mechanism and outstanding advantages of PAXG
The operation mechanism of PAXG is transparent and backed by real assets.
Users can purchase PAXG with both fiat and cryptocurrency. Paxos issues tokens based on the corresponding physical gold held, while providing the ability to exchange tokens for real gold or cash.
Operating mechanism
Buy PAXG tokens directly with fiat or cryptocurrency.
Paxos stores real gold in vaults, creating corresponding tokens on the blockchain.
Burn tokens when users withdraw physical gold or convert to cash.
Publicly report audits from the storage by third parties.
Outstanding advantages of PAXG
Real asset backing:
Each PAXG is equivalent to 1 standard ounce of gold and is 100% backed by physical gold.
Monthly public audit reports confirm the amount of gold reserves.
Safety and transparency:
Supervised by NYDFS for high reliability.
Customer assets are completely separated from the company's assets.
Liquidity and flexible access:
Continuous trading 24/7 on exchanges like Binance, Kraken, Crypto.com.
Allows fractional ownership of gold.
Low cost:
No need to store and transport physical gold.
Minimize traditional management and logistics fees.
Actual convertibility:
Paxos supports the conversion of PAXG to physical gold in many areas, ensuring the real value of the tokens.
Is PAXG the "gold ETF on Web3"?
PAXG is virtually equivalent to gold ETFs but superior in liquidity and global availability.
Unlike traditional gold ETFs that rely on the banking system and stock exchange, PAXG allows the Web3 community to access real gold directly on the blockchain, expanding investment opportunities, supported by transparent and automated blockchain technology.
"PAXG opens a new era in gold investment: transparency, decentralization, and accessibility for all investors, regardless of geographical location."
Annie Li, DeFi expert, 2024
Practical applications and impacts of PAX Gold
PAXG is not only for individual investors but is also widely applied in DeFi and the DeFi market.
Used to protect assets during periods of economic volatility.
Integration with applications such as lending, staking, and collateral assets.
Enhancing portfolio diversification on the Web3 platform.
Technical information about PAXG
Token Name: Pax Gold
Ticker Symbol: PAXG
Blockchain: Ethereum
Token Standard: ERC-20
Token Type: Asset-backed stablecoin
Smart Contract: 0x45804880de22913dafe09f4980848ece6ecbaf78
Circulating Supply: nearly 185,000 Tokens (equivalent to physical gold stored)
Total Supply: Unlimited, mint or burn flexibly according to demand
Guide to owning and storing PAXG
Popular purchase locations: Binance, KuCoin, Kraken, Crypto.com, BitGlobal, Tokocrypto and many other major exchanges.
Reputable wallets: Metamask, Trust Wallet, Coinbase Wallet; cold wallets like Ledger, Trezor provide high security.
Project team, partners, and investors of Pax Gold
The leadership team possesses deep expertise in finance and blockchain technology.
Sheila Bair – former FDIC Chair (2006–2011), leading speaker on financial risk management.
Bill Bradley – former U.S. Senator, executive at Allen & Company, veteran financial expert.
Patricia Kemp – co-founder of Oak HC/FT, recognized in the top 40 prestigious fintech investors.
Jim Manzi – former chairman of Thermo Electron and Lotus Development Corporation.
Scott Malpass – former Chief Investment Officer of the University of Notre Dame and Vanguard Group.
Brian Stern – former Chief Strategy Officer at Stone Ridge and BlackRock.
Key strategic partners: Galaxy Digital, Kraken, Nexo, Bithumb, imToken along with many major investors globally.
Summary
PAX Gold is currently a living proof of tokenizing traditional assets on a blockchain platform that excels in transparency, security, and liquidity. This is an excellent choice for investors wanting to access real gold in the digital age, flexibly replacing traditional gold ETFs in line with the Web3 era.
Frequently Asked Questions
What is Paxos and is it reputable?
Paxos is a financial company licensed and closely monitored by NYDFS, specializing in issuing digital assets with real value, ensuring high reliability.
Is PAXG really backed by physical gold?
100% of PAXG is backed by real gold that meets the London Good Delivery standard, independently audited publicly every month.
How to safely own PAXG?
You can purchase on major exchanges and store in Metamask, Trust Wallet, or cold wallets like Ledger and Trezor for maximum security.
Can PAXG be exchanged for physical gold?
Yes, Paxos provides the service of converting PAXG to physical gold in certain areas, making it easier for investors to access real assets.
What advantages does PAXG have over traditional gold ETFs?
PAXG trades 24/7 with no geographical limits, low fees, transparency thanks to blockchain, supports fractional ownership and easy integration with DeFi.
Source: https://tintucbitcoin.com/paxos-va-pax-gold-paxg-la-gi/
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