From April 4th, we officially list PAX Gold Token (PAXG) on the ONUS application. Soon after PAXG is added, users can perform the following features:
- Off-chain transactions: Send and receive PAXG with other users in the ONUS network.
- Exchange: Swap from VNDC or USDT to PAXG and vice versa.
About Paxos and PAX Gold Token (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:
- Easy transaction
- Easily exchange for real London Good Delivery gold
- Assets are stored in one of the safest gold vaults in the world
- Helping investors easy access to a small amount of capital
- Each physical gold product, when converted from PAXG is guaranteed in quality, weight, and origin
- PAXG is audited regularly to ensure it maintains a 1:1 ratio with London Good Delivery gold
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 is also allowed to use PAXG as collateral for a line of credit (for every 0, 7818 PAXG will borrow 1$).
- Name: PAX Gold Token
- Symbol: PAXG
- Platform: Ethereum
- Standard: ERC20
- Type: Gold-backed Stablecoin
- Smart Contract Address: 0x45804880de22913dafe09f4980848ece6ecbaf78