Nowadays, the term "digital gold" has ceased to amaze anyone. One of those who helped it to become a reality was the Paxos Trust Company. It created an ERC-20 token called PAX Gold (PAXG) based on the Ethereum blockchain. Since the token is built in this way, it can interact with many services, wallets, or exchanges that integrate the ETH protocol.
Paxos claims PAXG is the safest way to possess customers’ gold. After all, the whole trick lies in the fact that by having tokens a person has physical, real gold. This gold is stored in the Brink’s vaults. One fine troy ounce of London Good Delivery gold bar equates to one PAXG token. Unlike some other cryptocurrencies, which do not depend on the value of other assets, such tokens as PAXG are asset-backed tokens and 100% tied to the price of the precious metal. PAX Gold offers all its users the opportunity to own gold bars with the same mobility and speed as any digital asset can offer.
For the convenience of all token holders, the company provides an opportunity to freely convert them into dedicated gold, unallocated gold, fiat (or vice versa). Moreover, at the same time, it reduces their exposure to calculated risk.
In September 2019, the world saw the PAXG token for the first time. As was already mentioned above, this token was created by a Paxos Trust Company. The CEO and co-founder of Paxos is Charles Cascarilla. He is also the Founding Partner of Liberty City Ventures.
Before that, a Paxos Company was already known for releasing its Paxos Standard (PAX) stablecoin.
This company has 3 headquarters: in London, Singapore, and New York. Paxos co-operates annually with corporations such as Deloitte and Grant Thornton in the sphere of internal audit.
Importantly, the company recently started to support one of the newest PayPal services. With the PayPal digital wallet, US users can easily buy, hold, and sell cryptocurrency. This collaboration has shocked the Crypto World. Thus, PayPal plays a crucial role in raising awareness and the benefits of cryptocurrency for a huge number of people.
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