The crypto ecosystem has come a long way from what it used to be and stable coins have become a significant part of that system as it continues to grow and mature. Stable coins that we have grown accustomed to are usually pegged to a particular currency; however, Paxos is bringing about a change and is now offering a token backed by gold. The company has introduced a different product which set itself out from the other offering; PAXG is the latest of the innovation which is a Cryptocurrency that is pegged against gold. The New York-based Cryptocurrency company is a regulated financial institution that aims to create a global and frictionless economy by building infrastructures, specifically designed to enable smooth movement between physical and digital assets.
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Paxos provides a handful of products that makes it popular in the crypto space. As the name suggests, it is an asset-backed token where one PAXG token represents one fine troy ounce of a London Good Delivery gold bar that is stored in professional vault facilities. According to the company, the token will provide customers with the opportunity to have actual ownership of one of the most precious elements, all the while having the speed and mobility that comes with owning a digital asset. So it is kind of a “best of both worlds” scenario; Paxos will even be providing the serial number of the corresponding gold bar in London to its PAXG customers.
Furthermore, customers will also have the liberty of buying and selling their PAXG Gold tokens to anyone they please via various blockchain networks, which will then register the reassign the ownership rights to the gold. Moreover, users will also be able to convert their tokens to allocated gold, unallocated gold, or fiat currency and vice versa, in a more quick, efficient and less risky manner on the Paxos platform currency and vice versa, in a more quick, efficient and less risky manner on the Paxos platform.
Source: Block Publisher
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