crypto

PAX Gold (PAXG)- Money Making opportunity From Amazing PAXG? 2023

Paxos Gold (PAXG) is a crypto asset backed by real gold reserves held by Paxos. Is it a Good Investment for you? Ready to dive in ?

What is Pax Gold (PAXG) ?

PAX Gold (PAXG) is on ERC -20 stablecoin backed by physical gold reserves in secured London vaults. PAXG lowers the entry barrier to gold investment.

By allowing user to own fractions of physical gold without the burden of storage and transportation fees.

Users can trade PAXG as a digital asset on centralized crypto exchanges and DEX’s.

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PAXG Function ?

Gold has maintained its status as a valuable commodity for thousands of years. It’s used to make jewelry ,store value and even hedge against inflation.

PAX Gold (PAXG) is an ERC -20 Stablecoin backed by physical gold reserves ,held in custody by the Paxos Trust Company.

Each PAX Gold Token equals one troy ounce of a 400-ounce London Good Delivery gold bar house in secured gold vaults.

Such as Brink’s .Since PAXG represents physical gold,its value is toed directly to the real-time market value of that physical gold.

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PAXG Regulations

PAXG is regulated and approved by the New York State Department of Financial Services.

To ensure that Paxo maintains its reserves ,a third party auditing firm performs monthly checks.

To verify that Paxos gold reserve matches the supply of PAXG tokens.

Its developers conduct regular Smart Contract audits to identify potential bugs and vulnerabilities.

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How does PAXG work?

PAX Gold runs on the Ethereum blockchain .As an ERC-20 token.

PAXG is compatible with Ethereum -based wallets.

It can be integrated with Defi, DApps and DEXs on Ethereum . And can be traded on cryptocurrency exchanges like Binance.

PAXG Transactions

Compared to owning physical PAXG does not require any vault storage or custody fees.

Each PAXG transaction only incurs a small transaction fee of 0.02% and some ETH as gas fees. It lowers the entry barrier to gold Investment by letting users own fractions of physical gold bars.

Without the burden of fees ,storage or transportation costs.

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PAXG Redemption

PAXG tokens are allocated serial numbers that match those of your individual gold bars.

Holders can find their physical gold’s serial number, value and other characteristics by entering their Ethereum wallet address on the PAXG lookup tool.

You can redeem your PAXH anytime for fiat currency ,another crypto assrt, or allocated and unallocated gold bullion bars. From gold retailers at the current market price of gold.

Is PAX Gold a good Investment?

PAXG could be a good investment . As a synthetic asset, it allows you to gold in tokennised form.

But the project also comes with risks. It is recommended to keep checking Paxo”s monthly attestation reports to make sure that the token is fully backed by gold bars.

It is a stablecoin created by Paxos Standard that is backed by physical gold.

PAXG benefits?

a. Ease of investment in gold through alternative digital means

b. No hassles related to storage of physical gold owing to storage of physical gold owing to higher security.

PAXG seeks to offer customers the advantages of absolute physical ownership of precise gold bars with the pace and mobility of a virtual asset.

Furthermore, the token allows customers to have fractional licenses of physical bars.

On the Paxos platform, consumers can aim to transform the tokens into either allocated gold or unallocated gold (and vice versa) very efficiently.

Thereby seeking to lessen settlement risk exposure. 

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Is PAX Gold safe?

It is not only accredited with a gold standard ,but it also functions dependably and transparently.

Both OAX V Fold and its holding company ,Paxos Trust, are under the legal jurisdiction of the New York Department of Financial Services.

PAX Gold price today is approx. US$1,880.92 with a 24-hour trading volume of $12.49

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How to buy PAXG on Kraken?

a. Sign up for a Kraken account .First enter a valid email address ,username and set up a strong password.

b. Verify your account

c. Deposit cash

d. Purchase PAXG

Each PAXG token is redeemable for 1 troy fine ounce of gold custodied in vaults by Paxos.And its partners ,and market value is meant to mirror the physical gold it represents.

Conclusion

While various crypto investment options have gained popularity in recent years .Physical commodities are still common in traditional investors portfolios.

PAXG is looking to offer a blockchain-powered alternative to this established market. By utilizing the speed and liquidity of crypto assets.

You can earn yield on your PAX Gold (PAXG) through lending ,staking and yield farming.

The easiest way to earn yield on your PAXG in Australia .

It is through an exchange or lending service like Crypto.com App. Binance Savings and Gemini Cryptocurrency Exchange.

Investments are subject to market risks. Use your due diligence while taking decisions.

FAQs

Where can You redeem PAXG?

You can redeem it for physical gold bar.By initiating a sell request through the Paxos wallet dashboard on the PAX Gold page. For redemption of PAXG into Gold Bars.

You will need to have a minimum of 430 PAXG plus fees given that London Good Delivery gold bars range from 370-430 oz.

How does PAXO make money?

Paxos makes money from fees collected on transactions to buy and sell crypto .As well as yields from its cash reserves and holding cryptocurrencies for customers.

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What is PAX gold stock?

Each token is backed by 1 fine troy ounce of gold kept in Brink’s vaults managed by PAXG. It allows for exposure to Gold markets without using an ETF ,futures contract or other derivative product.

Is Paxos a US Company?

Paxos Trust Company is a new York – based financial institution and technology company specializing in Blockchain.

Is Paxos gold legit?

Paxos is a trust company and custodian,regulated by the New York State Department of Financial Services.


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