Introduction of Pax Gold
Pax Gold 24hr
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PAX Gold is a coin with unique properties where one symbol represents a full troy ounce (t oz) of 400 oz London Good Delivery wine stored in a professional vault. Users with PAXG own more than the gold under the control of the company Paxos Trust. Since PAXG represents physical gold, its value is closely related to the market price of that gold.
This accessible coin is built on the Ethereum blockchain as an ERC-20 token. PAXG aims to provide customers with the benefit of having a full body of real gold bullion at the pace and movement of the precious commodity. In addition, the label allows customers to obtain a certificate of classification of physical alcohol. On the Paxos platform, buyers may wish to convert tokens effectively into allocated gold or unallocated gold (and vice versa), thus seeking to reduce exposure to maintenance risk.
In addition, PAXG is also open for trading on Paxos’ itBit exchange and other crypto currency exchanges, wallets, and lending platforms in the crypto environment. At any time, PAXG holders can check the quantity, value and physical portion of the gold held just by entering the Ethereum wallet address in the accessible PAXG search tool
According to the press release, PAX Gold is a valuable resource for active buyers and sellers in and beyond the world of cryptoassets. PAX Gold is the best choice for many people who want to get physical gold as an acquisition, because the brand wants to be a high-quality gold that is easy to get and has no storage costs.
The ERC-20 token is an important Ethereum smart contract that follows the standard for setting custom tokens on the blockchain. Smart contracts are like regular contracts; However, instead of being written on paper, these contracts work as protocols on the blockchain. The specific contract must show important brand features such as logo, name, and decimal point. In addition, the agreement checks the number of deposits for each Ethereum address. It allows address holders to transfer part of the balance to other addresses.
Who is behind PAX Gold?
Paxos Trust, a New York-based financial and technology company specializing in blockchain technology, created PAX Gold. Charles Cascarilla and Richard Teo, former analysts at different companies (Cascarilla at Goldman Sachs and Teo at Cedar Hill Capital Partners), founded Paxos in 2012.
PAX Gold is not the only crypto project made by Paxos. In addition to PAX Gold, they also created PAX Dollar (USDP), a digital US dollar and stablecoin. They have received strong industry backing and have raised over $500 million in total funding from investors such as OakHC/FT, Mithril Partners and PayPal Ventures.
Working Principle of PAXG
PAXG works entirely on the basis of the blockchain concept. The work of PAXG is based on the Ethereum blockchain, which makes it easy to access Ethereum investors. PAXG does not pay as much as ordinary gold securities. It charges about 0.02% transaction fee and Ethereum Gas fee.
For this reason, it is not a problem to hire someone else to take care of your property and pay them out of your own pocket.
It also gives the security officer enough time to check from time to time to check whether the given mark and the gold fixed number match or not. These tests are done with the help of third party test companies. Employee assets are protected in the company in such a way that even if the company declares bankruptcy, employees do not lose their assets.
What are the benefits of Pax Gold (PAXG)?
Great availability
Anyone can own a small piece of London Good Delivery gold bullion without investing a lot of money. Paxos offers the possibility of holding a small share of the token. The minimum purchase amount is 0.01 PAXG.
Reliability
It is an agency approved and regulated by the New York State Department of Financial Services. Gold is stored in the largest vault in the world. The analyst supports the correlation of the PAXG index with the monthly supply of gold.
Chances of change
If users have enough PAXG tokens, they can always exchange it for a safe gold bar of delivery.
Why use Paxos Gold?
Paxos is best known for its stable coin called the Paxos Standard, which is a fully functional US dollar coin. This was done in September 2018. One year later, in September 2019, Paxos launched Paxos Gold (PAXG), a fully digital asset that represents one troy ounce of London’s finest gold bar. These bars are safely stored in professional vaults, and everyone with PAXG is entitled to the corresponding amount of gold.
Because PAXG is a representation of physical gold, its price is closely related to the actual price of gold in the spot market. By using Paxos Gold, users benefit from the physical ownership of gold, without the problems of security and transportation.
Instead, they can take advantage of the mobility and transfer speed that comes with digital assets. PAXG tokens have been optimized so that users can convert tokens into fiat currency quickly and easily, or they can choose to convert tokens into fixed and unallocated gold if they wish, faster and faster. Unlike the gold futures market, the Paxos Gold digital token has no risk.
