Investing in gold is becoming trendy, and thanks to Bitcoin technology, there are simple ways to do it.
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Binance allows you to buy and sell PAXG, a tokenized version of gold. Source: Image generated by CriptoNoticias using Dall-E, from OpenAI.
PAXG is a stablecoin whose price is pegged to that of a troy ounce of gold.
The gold backing PAXG is stored in vaults in London.
In times of economic uncertainty and geopolitical tensions, gold is regaining prominence as a safe haven. Throughout history, the precious metal has been a reliable reserve against inflation, the devaluation of fiat currencies, and crises in the traditional financial system.
Currently, in the midst of the boom in decentralized technologies, gold is also adapting to new times: it is no longer necessary to buy physical bars or pay for custody. It is possible to acquire tokenized digital gold, backed by physical gold, securely and with great accessibility.
One of the main exponents of tokenized gold is PAX Gold (PAXG), issued by the company Paxos. As CriptoNoticias has explained in some publications, each PAXG token represents ownership of one troy ounce of physical gold stored in vaults in London.
Being based on the Ethereum network, the tokenized gold from Paxos combines the financial strength of gold with the flexibility and liquidity of the cryptocurrency ecosystem. PAXG can not only be purchased as an investment but can also be stored in wallets compatible with the Ethereum network and used as collateral on multiple DeFi platforms.