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PAX Gold (PAXG)

Last updated 20/10/2022

Official Website: https://paxos.com/paxgold/

What is Pax Gold (PAXG)?

The asset-backed token Pax Gold (PAXG) is backed by one fine troy ounce of a London Good Delivery gold bar that is kept in a secure vault. Anyone who owns PAXG has custody of the gold under their ownership rights, which are held by Paxos Trust Company. Because PAXG represents actual gold, its value is directly correlated with the current market price of that actual gold.

Since actual gold is not readily divvied up or transported in a flexible manner, Pax Gold's major objective is to make gold more transferable.

Customers can benefit from owning specific gold bars physically through PAXG while still having the speed and mobility of a digital asset. Customers are allowed to own a portion of actual bars. Customers can swiftly and easily exchange their tokens for allocated gold, unallocated gold, or fiat currency on the Paxos network, lowering their exposure to settlement risk.

One fine troy ounce of gold equals one PAXG token, with a 1:1 ratio between the amount of gold and the total supply of PAXG. The entire supply of gold that makes up PAXG fluctuates regularly as PAXG's market value rises and falls. Owning minuscule fractions of a token that are divisible to 18 decimal places is an option.

The entire PAXG protocol was built on the Ethereum (ETH) blockchain and is protected by a proof-of-stake (PoS) system. However, PAXG is not only compatible with Ethereum and can also be implemented on other blockchains.

Key PAX Gold (PAXG) Advantages:

  • Allocated
  • Redeemable
  • Programmable
  • Regulated 
  • Available to Anyone 
  • Low Fees 
  • Bankruptcy Remote 
  • Decentralized
  • Easy to Trade 

Team

Paxos's CEO and co-founder is Charles Cascarilla. In addition, he is a partner in Liberty City Ventures and a founding member of the Association for Digital Asset Markets (ADAM) board of directors. His previous positions include portfolio manager at Claiborne Capital Management, financial analyst at Goldman Sachs, and analyst at the Bank of America. He also co-founded and is a partner at Cedar Hill Capital Partners.

The second co-founder of Paxos is named Rich Teo. Prior to that, he was employed by Cedar Hill Capital Partners as a principal and senior analyst. He was a combat signaller for the Singapore Armed Forces as well as a financial analyst at Citi.

Board members include:

  • Sheila Bair - Former Chairman of the FDIC, 2006-2011; TIME Magazine’s 100 Most Influential People; Consumer Federation of America’s Public Service Award
  • Bill Bradley - Managing Director of Allen & Company; Former U.S. Senator for New Jersey, 1979-1997; Former U.S. Senator for New Jersey, 1979-1997
  • Patricia Kemp - Co-Founder & Managing Partner, Oak HC/FT; Former Venture Partner at Oak Investment Partners; Institutional Investor’s FinTech Finance 40 list
  • Jim Manzi - Former Chairman of Thermo Electron, 2005-2020; Former Chairman, President, and CEO of Lotus; Development Corporation, 1984-1995 (acquired by IBM)
  • Scott Malpass - Former Chief Investment Officer, University of Notre Dame; Board member, TIFF Investment Management; Board member, The Vanguard Group, Inc
  • Brian Stern - Partner with Declaration Partners LP; Former Head of Strategic Investments at Stone Ridge; Former Head of Private Markets at BlackRock

Roadmap

Where to Store Pax Gold (PAXG)

PAXG is a ERC-20 token on Ethereum, which means that it can be stored in any wallet compatible with Ethereum-based ERC-20 tokens.

One option to store Pax Gold (PAXG) is Exodus. It is free and easy to use and can be downloaded to either a desktop or mobile device. Exodus will then be tied to whichever device it has been downloaded to which will also be the device you will use to access and manage your crypto assets.

Similarly, a user-friendly option to keep your $PAXG secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting to your MetaMask wallet.

On the other hand, if you are looking for a secure offline method to store your $PAXG tokens we recommend the leading hardware providers Ledger and Trezor.

Always do your homework and due diligence on any wallet service you are considering, and always back up your wallet.

Where to Buy and Sell Pax Gold (PAXG)

You can Buy & Sell Pax Gold (PAXG) here at BC Bitcoin. Our customers effortlessly Buy PAXG by heading over to the Buy Coins page of our website. $PAXG is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. By simply placing your order and providing your wallet address, coins will be sent straight to your wallet after the payment.

If you would like to sell Pax Gold (PAXG) you can transfer the coins to us and get paid to your bank account immediately. The Sell Coins page has further information and a live valuation.


Pax Gold (PAXG) Resources

Website: https://paxos.com/paxgold/

Block Explorer:https://etherscan.io/token/

Twitter: https://twitter.com/paxosglobal

Medium: https://medium.com/paxos

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence. 

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