Hello everyone. I want to ask your opinion of Paxos Gold as far as I know it is a token backed by gold but is it a legit company behind it? Is it 100% safe? Thank you for sharing your thoughts
I love Paxos Gold because you can buy small amount of gold without high fees. Every PAX Gold token is backed by an ounce of gold kept in a professional gold vault in London. Paxos is regulated in the New York state department of financial services. Also the NYDFS has approved and regulated PAXG. And what about the trust Paxos Trust Company hiring independent company Withum, a nationally top-ranking auditing firm to verify at the end of each month that the entire supply of PAX Gold tokens corresponds 1:1 with ounces of London Good Delivery gold held in vaults.
You can swap your tokens for accredited gold bullion bars whenever you want but the minimum you need to have is 430 PAXG tokens. PAXG tokens you can buy through crypto exchanges or their official website and keep them in your personal Erc20 wallet. There is no minimum amount of holdings for PAX Gold (PAXG). PAXG is divisible to 18 decimal places, so it is possible to own fractional amounts.
Paxos began trading its PAX Gold (PAXG) token, according to information available on the CoinMarketCap news page on September 27, 2019. Each issued token is to be covered with one ounce of gold. The gold will be physically stored in a bank in London.PAX Gold therefore has a fixed market value, but is consistent with the value of gold. It can be assumed that the price of the token will vary according to the price of gold. The token will react to price fluctuations, positively or negatively. At the time of writing this text, its price is about USD 1700, which is actually equal to the price of one ounce of gold.PAX Gold is one of the so-called ERC-20 tokens. This means that the PAXG operates in the Ethereum network, using its blockchain under strict (defined) conditions of this token, which the publisher initially specifies.
They are currently traded on the Bithumb and HitBTC exchanges. 99.99% of the transactions take place on the first of these exchanges, as opposed to the dollar.