The ultimate stablecoin
PAX Gold Credibility analysis: LBMA “digital gold” verified by 3rd party audit
One PAXG represents and can be redeemed as one troy ounce of LBMA-accredited gold. Being the most popular (by market cap) gold-backed stablecoin, PAXG is accepted by a handful of businesses around the world as payment, like this European lean life coach.
Who accepts PAXG…
Are you an Entrepreneur, freelancer, or manager of a business accepting cryptocurrency?
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What do you offer in exchange for Cryptocurrency, Precious Metals, or Digital Gold? We offer... Our primary business…
Should you buy PAX Gold?
Of the digital gold projects I’ve investigated, PAX Gold is one of the few that actually publish monthly 3rd party audits of their gold reserves — this really matters, it’s not “digital gold” if they fail to prove that they actually have the gold. Check out their monthly gold attestation reports here — it looks like their audits are done by Withum, a nationally top-ranking auditing firm. Considering how widely traded PAXG is on exchanges, I don’t think I’m going too far calling it the ultimate stablecoin…
PAX Gold - Paxos
(PAXG) is an asset-backed token where one token represents one fine troy ounce of a London Good Delivery gold bar…
I try to make a criticism of every digital gold project I investigate, even the ones that do things above board. For PAX Gold, it’s the general criticism of digital gold; there’s just not a lot of people that might want interested in gold-backed stablecoins like this because gold bugs want the real thing that they can hold in their hands and the crypto-crowd wants to make bets that could yield 5X, 10X, or 100X returns. PAXG is a stablecoin, don’t expect its value to take off wildly.
The sentiment among Redditors is pretty positive about PAXG. Their Trustpilot reviews are mixed, R DOTTIN wrote…
Paxos is the only service that was able to complete my transaction. They inspired confidence even before I created my account by being transparent about what was required during signup, and specific instructions for successfully completing my transaction.
Paxos has saved me a lot of money and frustration dealing with banks.
Their Customer Service is courteous, knowledgeable capable and effective and seem genuinely interested in solving your issues. I cannot thank Paxos customer Service enough for their assistance.
Don’t listen to the fake reviews, do your own research. Paxos is impressive and apparently one of a kind.
But some others sound frustrated with Paxos’ pernicketiness.
About PAX Gold
Paxos is one of the few companies credible enough to buy digital gold from — they aren’t based in some shady (yet sunny) tax haven, they are a highly-regulated New York-based trust company. Paxos was the First company to secure a New York State Department of Financial Services Trust Charter for Digital Assets.
A digital token, backed by physical gold
PAX Gold (PAXG) is a digital asset. Each token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s vaults. If you own PAXG, you own the underlying physical gold, held in custody by Paxos Trust Company.
In this paper, we introduce PAX Gold, a tokenized version of gold that represents real, physical gold. It gives token-holders actual gold ownership in the most secure vaults in the world along with the portability of a digital wallet. We provide some historical context to demonstrate the importance of a modern, digital approach to gold access. Finally, we present details about the infrastructure behind the product, including our structure as a regulated Trust company, the technical design of our smart contracts and other details of our operations.
We have created the easiest way for people to affordably own, hold, trade, lend or move investment-grade, physical vaulted gold — without the worry, cost or inconvenience of physical storage and security. PAX Gold mobilizes and democratizes access to gold globally.
from the abstract of the Pax Gold whitepaper