PAX Gold (PAXG) is a cryptocurrency designed to provide the benefits of owning physical gold while eliminating the drawbacks of storing and moving precious metals. Below are its key features:
- Physical Gold Backing: Each PAXG token is backed by a 400 oz London Good Delivery gold bar representing 1 troy ounce of gold.
- Digital Asset: PAXG is an ERC-20 token running on the Ethereum blockchain and can be traded on various exchanges.
- No Storage and Transportation Costs: PAXG allows users to purchase small amounts of physical gold without incurring storage and transportation costs, lowering the barrier to gold investment.
- Real-Time Market Value Peg: The value of PAXG is directly tied to the real-time market value of physical gold, providing the benefits of actual ownership of specific gold bars.
In conclusion, PAXG is an innovative cryptocurrency aimed at providing users with a convenient and secure way to invest in gold.