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What is PAX Gold (PAXG) and how does it work?
PAXG is an ERC-20, gold-backed cryptocurrency, tradeable through the Ethereum blockchain, making it a valuable investment for traders who wants to start investing in gold. The main goal behind Pax Gold is to make gold more tradable, as the physical asset is not easily accessible to everyone.
PAXG is an ERC-20, gold-backed cryptocurrency, tradeable through the Ethereum blockchain, making it a valuable investment for traders who wants to start investing in gold. The main goal behind Pax Gold is to make gold more tradable, as the physical asset is not easily accessible to everyone.
With a growing number of ERC-20 tokens available for purchase, Pax Gold stands out because it is backed by an already established commodity.
Each PAXG token is backed by a fraction of a piece of London Good Delivery gold bar, stored in Brink's gold vaults, which is the approved storage company by the London Bullion Market Association.
Together with the security and liquidity offered by a blockchain-based cryptocurrency, and the established name of gold as a physical commodity, Pax Gold brings a new investment opportunity to traders. More developers were inspired by PAXG to create different gold-backed tokens.
PAXG is available for trading on BmyBit.com dApp.
