Paxos Crypto Review

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Paxos is in demand for several reasons. It gives you access to real, physical gold. On top of it, companies can offer cryptocurrency-based products with Paxos.

The following post is a detailed Paxos gold-backed crypto review. It will help you understand how this crypto works and how you can get your real gold with it.

What is Paxos Crypto?

Paxos is a popular cryptocurrency infrastructure regulated by Paxos trust company. It was co-founded by Charles Cascarilla in 2012 with the name itBit (a Bitcoin exchange). However, it was changed to Paxos Crypto in 2015 for market reasons. With its headquarters in Newyork, it has two fully-functioning branches in London and Singapore.

The company specializes in trading, custody, tokenizing, and settling assets for clients. Financial institutions can offer crypto-based products to their users with the help of Paxos. Moreover, it also offers settlement solutions for commodities and securities.

It has gained a lot of reputation later and big players like Societe Generale, Credit Suisse, and PayPal already use it.

What Services and Products Paxos Offers

Paxos offer a variety of services like Crypto brokerage, Stablecoin Creation, itBit Exchange, Securities Settlement, and Commodities Settlement.

It also offers some mind-blowing products like USDP, the native Stablecoin of Paxos that is pegged to the dollar, and gold-backed crypto, Paxo Gold (PAXG), that can get you physical gold.

What are Paxos Tokens

Out of all these offerings, Paxo Gold is the most favored one. It is a digital token that can be used to redeem physical gold. So in short, PAXG is a gold-backed crypto that can get you the real gold.

Talking about the valuation, 1 PAXG = 31.1g of a 400 oz London Good Delivery gold bar.

It enables users to own, bet, store, and transfer gold faster without having to worry about the limitations associated with the weight and size of huge gold bars.

This token can also be traded as futures. Meaning, you can trade either quarterly or perpetual futures contracts on various exchanges such as FTX. It enables traders to purchase assets at a predetermined rate at a particular time in the future.

Key Features of Gold Backed Cryptos like PAXG

This token holds the physical gold in its custody and is stored in Brink’s vaults. PAXG is secured by the Ethereum blockchain. The following are its key features:

  • It offers instant settlement

  • You can trade it on Binance, Alpha Bullion, itBit Exchange, Kraken, and several other exchanges

  • The New York State Department of Financial Services (NYDFS) regulates it

  • No custody charges for tokens

  • It allows access to Gold Futures (COMEX), Major Gold ETFs, and other gold tokens

  • It enables retailing of physical gold coins, bars, and other products

  • It is backed by one fine troy ounce of gold at a ratio of 1:1

Getting Started With Paxos Gold Backed Crypto

You can buy Paxos gold backed cryptos with US Dollars or unallocated gold from the Paxos UI.

Downtime of PAXG: London Gold Market closes for an hour every weekday to settle the trades that occurred in the prior 23 hours. Plus, the market doesn’t operate between 5 PM ET on Fridays through 6 PM ET on Sundays. It also remains closed during gold market holidays.

Purchasing of Pax Gold can be done in three ways:

  • Spot Price Purchase

  • Unallocated Gold

  • itBit Exchange

While most people prefer redeeming for physical gold, it can also be used to redeem for US dollars and unallocated gold.

Get in touch with us if you are interested in buying Paxo Gold or redeeming it for physical gold.

Note: The minimum purchase should be either 0.1 PAXG, t oz of gold, or $20. It is one share for Major Gold ETF futures. For an LBMA 400 t oz gold bar, the minimum purchase is $800. 

The following are some key numbers to keep in mind:

  • Price: $1,767.58

  • Volume: $6,449,039

  • Total supply: 180,902

  • Market cap: $319,973,111

Final Words

If you are interested in owning real, physical gold, Paxos G is a perfect option for you. It is easy to buy, sell, and redeem. With high-level security and authentic physical gold reserves, this gold-backed crypto is one of the most affordable solutions in the market.

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