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Home Markets Cryptos

PAX Gold: Crypto backed by gold but outperforms gold

Olumide AdesinabyOlumide Adesina
3 years ago
in Cryptos
Paxos, PAX Gold: Crypto backed by gold but outperforms gold

Crypto company, Paxos seeks approval to be a U.S National Bank

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It’s crypto. It’s physical gold. And recently, it was approved by the New York State Department of Financial Services for custody and listing. It’s a product from the crypto-verse that combines gold and crypto into a single unit.

Data from Coinmarketcap showed PAX Gold traded at about $1,521 as of March 21, 2020. As of the time of writing this report, the crypto asset was trading at about $2,039.40, showing gains in percentage terms of about 134%. Meanwhile, Gold price so far has gained just 35% in 2020.

READ MORE: ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

Why PAX Gold: The sudden surge in this gold-backed stablecoin, since the era of the COVID-19 pandemic, appears to be driven by increased awareness of its unique features, which include access to gold without bullion fees or other storage costs.

Quick fact: PAX Gold (PAXG) is a crypto asset backed by Gold. A PaxoGold digital coin is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s gold vaults. Any entity or individual who owns PAX Gold owns the underlying physical gold held in custody by Paxos Trust Company.

READ MORE: QKC: fastest rising crypto asset in 30 days, gains 100%

Paxos has recently responded to all its digital coins being listed on the New York State Department of Financial Services (NYDFS), stating that it validated the company’s time, energy, and expense which it put into compliance.

Commenting on the green list, Dan Burstein, Chief Compliance Officer at Paxos said: “As the Chief Compliance Officer at Paxos, I’m proud that the culture of Paxos is truly centered around compliance. We build products that the world has never seen before, and we build them for the innovators in the space, not the bad actors.

“Our engineers and product managers prioritize compliance as we create new products, our business development team considers compliance as we structure new partnerships, our operations team helps onboard and service customers according to our high compliance standards, our information security team ensures we hold our customers’ digital assets and personal information in the most secure way possible— the list goes on.”

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Tags: CoinMarketCapcrypto assetCryptocurrencyCryptocurrency NewsDan BursteinGoldNew York State Department of Financial ServicesPaxos Trust Company

Comments 1

  1. John says:
    September 4, 2020 at 8:49 am

    They are not regulated. Their trust is regulated. They are backed by non-allocated gold on a INTL FC stone margin account. They pump their own market cap. Super centralized, fake volume, fake mcap, no audits. Would you trust your gold with a US company? DYOR

    Reply

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