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18 MAR 2021

PAX Gold (PAXG)

PAXG is an ERC-20, gold-backed cryptocurrency, tradeable through the Ethereum blockchain, making it a valuable investment for traders who wants to start investing in gold. The main goal behind Pax Gold is to make gold more tradable, as the physical asset is not easily accessible to everyone.

This is why Paxos Standard decided to create a cryptocurrency entirely backed by gold. Following the official whitepaper, Pax Gold was created to allow investors to buy small amounts of gold through the token, virtually eliminating the minimum buy limits for gold.
With a growing number of ERC-20 tokens available for purchase, Pax Gold stands out because it is backed by an already established commodity.

Each PAXG token is backed by a fraction of a piece of London Good Delivery gold bar, stored in Brink’s gold vaults, which is the approved storage company by the London Bullion Market Association.

Together with the security and liquidity offered by a blockchain-based cryptocurrency, and the established name of gold as a physical commodity, Pax Gold brings a new investment opportunity to traders. More developers were inspired by PAXG to create different gold-backed tokens.

PAXG is currently available to trade on Yanda.io

Data Source: CoinmarketCap

You can also watch this video about gold-backed cryptocurrencies

Author: Francesco Greco