PAX Gold price (PAXG)

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.