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Information about PAX Gold (PAXG)
Paxos LLC, formerly iBit, was founded in 2012 by three core partners Charles Cascarilla, Andrew Chang, and Richmond Two. In 2015, Paxos officially entered the US market after becoming the first Trust Company in the blockchain field to be licensed by the New York Department of Financial Services (NYDFS). As a Trust Company, Paxos acts as an authorized legal entity to manage clients' assets, providing cryptocurrency services such as Stablecoins (PAX, BUSD, PAXG), itBit cryptocurrency exchange, Post-Trade,...
PAX Gold is a gold-backed stablecoin, each PAXG token is collateralized with 1 ozt (1 troy ounce equivalent to approximately 31g) of London Good Delivery gold bullion stored in the Brink vault. Whoever owns PAXG has the right to own a corresponding amount of physical gold held by Paxos. PAXG was created with the ambition to democratize gold and make it more accessible to small investors.
PAXG token operates on the Ethereum platform, according to ERC20 standards, and has many advantages such as:
Gold is often seen as a less profitable asset; however, investors can benefit from holding PAXG. For example, an investor can deposit his PAXG at Nexo.io to earn APY interest up to 8% and can use PAXG as collateral for a line of credit (for every 0, 7818 PAXG will borrow 1$).
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