Paxos rolls out new crypto-asset that is redeemable for physical gold
Category: #business  | By Mateen Dalal  | Date: 2019-09-07 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Paxos rolls out new crypto-asset that is redeemable for physical gold
  • Every PAX Gold token would be backed by one London Good Delivery gold’s fine troy ounce which will be stored in official vault facilities across London.
     
  • Consumers can convert the PAXG tokens to and from unallocated gold or flat currency, or exchange tokens for actual gold bars.

Paxos Trust Company, a financial organization that mobilizes and digitizes assets, has reportedly unveiled PAX Gold (PAXG), an Ethereum (ETH) token which is gold-backed.

Paxos claims PAXG to be the first crypto digital asset that is redeemable for gold. The New York State Department of Financial Services (NYDFS) has authorized Paxos to issue PAXG, subsequently making PAXG the first digital asset gold product.

Reports cite, every PAX Gold token would be backed by one London Good Delivery gold’s fine troy ounce, which will be stored in official vault facilities across London. Users purchasing tokens in question supposedly own the gold it represents. However, these tokens can be easily moved just like any ERC-20 tokens which is quite easier than shipping the actual gold.

Paxos would charge certain fees on the on-chain transactions that involve the token, and on PAXG creation as well as destruction. Paxos co-founder and CEO Charles Cascarilla stated that in a global and digital financial system, owning actual gold is cumbersome as well as an outdated investment. Charles added that it is not easy to move, divide, leverage or trade against other investments. Gold bought from any unaccredited retail outlet is risky as well as expensive as the provenance and quality of the gold is not verified.

Paxos claims that customers can convert the PAXG tokens to and from unallocated gold or flat currency, or exchange tokens for actual gold bars. Additionally, owners of token can allegedly find the brand code, serial number, fine weight, fineness, and gross weight of their respective gold bars.

 

Source credit: https://cointelegraph.com/news/paxos-launches-pax-gold-regulated-and-redeemable-for-physical-gold

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More..

More News By Mateen Dalal

UK’s Health Secretary announces 10-year plan to tackle dementia

UK’s Health Secretary announces 10-year plan to tackle dementia

By Mateen Dalal

The UK Health and Social Care Secretary, Sajid Javid, has reportedly announced a novel 10-year plan to effectively tackle dementia and to increase funding in research to get a better understanding of neurodegenerative diseases. As per sources, at ...

Starbucks to cover abortion related travel expenses for workers

Starbucks to cover abortion related travel expenses for workers

By Mateen Dalal

Starbucks has reportedly announced that it would start covering all eligible travel expenditures for the workers seeking gender-affirming surgical procedures or abortions. As per reports, the coffee conglomerate has joined Apple, Amazon, Salesforc...

Russia-Ukraine war puts UK fish & chips industry in severe jeopardy

Russia-Ukraine war puts UK fish & chips industry in severe jeopardy

By Mateen Dalal

The on-going conflict between Russia and Ukraine has adversely affected the fish and chips industry in the United Kingdom, driving the closure of centuries-old shops, sharp price hikes, and change in menus. The National Federation of Fish Friers (...