Review on PAX Gold by Gabriel Medina
PAX Gold cryptoasset regulated and exchangeable for physical gold
There are many ways to acquire gold directly or indirectly. PAX Gold is an incredible alternative to acquiring gold online and with support.
PAX Gold (PAXG) is a gold-backed Ethereum token launched by Paxos. It is a gold-backed cryptocurrency that we can exchange directly for this precious metal as well. Paxos has distinguished itself within the blockchain industry and has earned the trust of many investors.
PAXG offers real physical gold bullion customer benefits with the mobility and speed of a digital asset. At any time, PAXG owners will be able to search for the serial number, value, and physical characteristics of their gold by simply entering their Ethereum wallet address in the PAXG search tool on the Paxos platform.
Pros
- PAXG is fully accessible as it gives us access to fractional ownership of gold with a low minimum amount equivalent to $ 15.
- PAXG is listed on several reputable exchanges such as Kraken and this denotes its liquidity.
- Paxos Trust Company is a state authorized trust company regulated by the NYDFS and this ensures regulatory compliance.
- Since PAXG is issued by a state-authorized trust company, client protection is guaranteed in case of asset problems.
- PAXG is subject to periodic financial audits by an external accounting firm to confirm that the tokens maintain 1: 1 parity with London Good Delivery gold.
Cons
- Those who issue PAXG must comply with court orders, and must freeze assets involved in illegal activities.
- It has KYC requirements to verify the user in order to buy, convert or exchange PAXG tokens for USD or physical gold.
