PAX Gold (PAXG) is a digital asset that represents one fine troy ounce of a 400-ounce London Good Delivery gold bar morePAX Gold (PAXG) is a digital asset that represents one fine troy ounce of a 400-ounce London Good Delivery gold bar. It is backed by physical gold stored in Brink's vaults. PAXG provides individuals with a cost-effective, safe, and easily accessible method for owning gold.
Some of the potential benefits of PAX Gold include:
1. Increased Accessibility: PAXG allows individuals to own small amounts of gold, making it accessible to virtually anyone with an internet connection.
2. Transparency: PAXG provides real-time tracking of the gold bars that back each PAXG token, ensuring transparency and accuracy.
3. Lower Costs: PAXG eliminates many of the costs associated with owning physical gold, such as storage fees and insurance costs.
4. Liquidity: PAXG tokens can be traded on cryptocurrency exchanges, offering investors an easy and secure way to buy and sell gold.
The main role of the PAXG token is to provide a digital representation of physical gold. Each token represents one fine troy ounce of gold, making it a reliable and secure store of value. The PAXG token is built on the Ethereum blockchain and can be held in any Ethereum wallet.
Sources:
- "PAX Gold (PAXG) Whitepaper." https://assets.paxos.com/whitepapers/paxos_pax_gold_whitepaper.pdf
- "What is PAX Gold?" https://www.investopedia.com/terms/p/pax-gold.asp
- "PAX Gold Explained: What Investors Should Know." https://www.coindesk.com/pax-gold-explained-what-investors-should-know. (AI generated summary)
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