Home » Paxos Launches Gold-backed Crypto Pax Gold

Paxos Launches Gold-backed Crypto Pax Gold

Paxos, a crypto exchange and stablecoin issuer has launched a gold-backed crypto asset called Pax Gold (PAXG). The ethereum-based token has been approved by the New York Department of Financial Services.
news - Paxos Launches Gold-backed Crypto Pax Gold

Paxos, a crypto exchange and stablecoin issuer has  launched a gold-backed crypto asset called Pax Gold (PAXG). The Ethereum-based token has been approved by the New York Department of Financial Services.

Each token of new crypto is actual legal title to a physical bar of gold stored in the Brink’s London vault. 

A PAXG token costs as an ounce of gold. It can be redeemed for a physical bar at partnering institutions such as Bullion Exchanges in New York. Moreover, the crypto loan startup SALT offers PAXG-backed loans, available in fiat or stablecoins such as PAX, TrueUSD or USDC.

For traders who might want to buy gold on-the-go and then pick it up in another location, Cascarilla believes Pax Gold could offer a regulated alternative to physical ownership.

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However, Bitcoin skeptics don’t believe a relatively fungible cryptocurrency would bring new and compliant use cases to the broader gold market. It still requires a know-your-customer process.

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