We’re proud to bring PAXG, the crypto asset backed by physical gold, to India this week.
PAXG is a tokenized version of gold, with every token backed by one fine troy ounce (about 31 grams) of a 400 oz London Good Delivery gold bar. Individuals holding these tokens can redeem their value via a network of physical gold retailers around the world.
It’s like owning gold, without the need to store or transport it. And your ownership is recorded on the blockchain, an immutable ledger. Combine the ancient store of value, gold, with the digital security of blockchain and you have PAXG.
Remember first learning about money? How paper money was an upgrade over gold because it was easier to move and store? Paxful Gold promises to change that.
We inevitably begin our conversations about money with gold. And for good reason — gold is perfectly divisible, holds its own value and can be used as more than just money.
Bitcoin enthusiasts too, are often attracted to gold for many of the properties it shares with crypto assets. Both are decentralized, “outside” assets that are no one else’s liability and not tied to any particular government. Both are scarce, they are both scarce; they both transcend borders and are universally recognized.
“A digital asset, backed by physical gold.”
Accessing gold without associated storage costs appears to have driven massive interest in the token during 2020. This interest has led PAXG to outperform gold itself through 2020, showing a percentage gain of about 134% versus a gold price that has so far gained 35%.
Confidence in PAX Gold has further been strengthened since it was placed on the New York State Dept of Financial Services’ Greenlist, allowing it to be held and listed by virtual currency businesses based in New York.
Per Paxos, PAXG’s approval by the NYDFS validates the time, energy, and expense which it put into compliance. The company is the first to be approved and regulated to offer crypto products and services since it was granted a limited-purpose trust charter in 2015.