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.
Gold has been a popular commodity as a store of value since the dawn of time, but it has several issues.
Even though it’s beautiful when used for jewelry, and super shiny even as a rock, it isn’t easy to move or store in any quantity, and it’s very difficult to divide into smaller units. In fact, most of the gold trading being done on exchanges is trading in derivatives without any actual physical gold ever changing hands.
With the development of blockchain technology some forward thinking folks decided that making gold a digital asset would be a good idea. Paxos was one of the companies which digitized gold on the blockchain. Let’s see how they did it and how their Paxos Gold (PAXG) token functions as a blockchain asset.
Products are quoted as the price of one ounce of gold, the British Gold Standard.
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