Pax Gold (PAXG) is a gold-backed digital asset created by the creators of Paxos Standard (PAX). Launched in September 2019, Pax Gold is an ERC-20 token operating on the Ethereum blockchain and is now available on the Anycoin Direct platform. Its purpose is to make gold more tradable by allowing investors to buy fractional amounts of gold with cryptocurrency.
The underlying asset backing Pax Gold consists of physical allocated gold bars of LBMA Good Delivery stored in London vaults. These vaults are owned by Paxos’ custodian, the Royal Mint Depository, ensuring that all metal bar holdings are secured and insured under an insurance policy. PAXG holders own the underlying metal bars, meaning that any additional demand for PAXG can be met with additional vaulted gold bars.
With over USD 3.5 trillion of gold available for investment purposes, this token allows small-time investors to access a portion of this largely inaccessible commodity. Each PAXG token is backed by a fraction of a London Good Delivery gold bar, which is stored in Brink’s gold vaults. This provides users with the security and liquidity offered by blockchain-based cryptocurrency, as well as the established trustworthiness of gold as an investment.
Finally, additional features such as Trusted Proof, which provides cryptographic proof that gives users visibility into PAXG's reserve holdings, further enhances the transparency and trustworthiness behind Pax Gold compared to more traditional investments like stocks or bonds. Overall, when considering its accessibility and trustworthiness, PAXG offers its users tremendous benefits that make it stand out from other similar cryptocurrencies on the market today.
In 2019, Paxos issued the world’s first regulated gold-backed token, PAX Gold
Paxos was the first company to receive SEC permission to use blockchain technology for stock trades
The price of PAXG reflects the spot price of gold; one PAXG equals one ounce of physical gold.
PAX Gold statistics from the last 24 hours
With more than 14,000 reviews on TrustPilot (average score of 9.0) and official registration with The Dutch Central Bank (DNB), Anycoin Direct has been one of the most trusted crypto services in Europe since 2013.
If you have any questions you can always contact one of our knowledgeable colleagues via chat, phone or mail.
Anycoin was founded in 2013 and is registrered at the central bank of The Netherlands and the Austrian Finance Authority.
You can pay with all of the most commonly used payment methods in Europe.
There are several advantages to investing in PAXG over traditional investment vehicles such as ETFs or physical gold bars; costs and security being two key benefits. As most trading fees associated with buying and selling crypto apply to the transaction itself, rather than value-based trading fees like those applied to stock trades, investors face significantly lower costs over time. On top of this, blockchain technology provides investors with an immutable ledger which tracks ownership rights and helps prevent fraud or theft – something that investors have long been worried about when stashing away their physical commodities.
The price of PAXG essentially reflects the spot price of gold, as they are directly linked by a 1:1 ratio; one PAXG equals one ounce of physical gold. This allows investors to gain exposure to the precious metal without having to physically purchase or store it themselves. They also benefit from current digital currencies’ liquidity and speed – rapid transactions at reduced cost across borders without any regional restrictions or political interference. The all-time-high of PAXG is $2,241 which happened in May 2021. As we mentioned above, the price of PAXG is tied to the price of gold. There are many theories that gold will be reevaluated when the economy keeps tanking. In that scenario, the price of PAXG would also increase.