PAX Gold (PAXG) is a digital asset issued by Paxos. Each PAXG token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s vaults. Users that own PAXG will also own the underlying physical gold, held in custody by Paxos Trust Company.
A user can choose to redeem her PAXG tokens with Paxos, and receive the corresponding value her tokens represent in USD. If a user holds more than 430 PAXG tokens, she has the choice to redeem her tokens in exchange for physical gold bars.
Paxos charges fees for both the creation and redemption of the PAXG token. The minimum purchasable amount on the Paxos platform is 0.01 PAXG.
The issuance of PAXG is approved by the New York State Department of Financial Services (NYDFS).
PAX Gold (PAXG)
A Gold-backed Digital Asset Issued by Paxos.
Aug 25th, 2020