The stablecoin operator Paxos is in the coming altcoin news for launching PAX Gold (PAXG), a gold backed Ethereum (ETH) token. Now that Paxos launches PAXG, we have one more altcoin – and the launch of the product was officially unveiled in a press release on September 5th.
As the press release claims, this is “the first crypto asset that is redeemable for physical gold.” What’s even more interesting is the fact that the New York State Department of Financial Services (NYDFS) put forward their approval of the issuance of this altcoin in an official statement, where it defined it as “the first gold-backed virtual currency in New York state.”
The report, which is now everywhere in the latest cryptocurrency news, shows that each PAXG token will be backed by one fine troy ounce of the London Good Delivery gold which will be stored in professional vault facilities in London. The news that Paxos launches PAXG are all over the news and users owning the tokens in question reportedly own the gold that the altcoin represents. The tokens can also be moved just like any other ERC-20 tokens – which is a lot simpler than shipping gold.
As many best cryptocurrency news sites reported, Paxos charges fees on the on-chain transactions involving the token, as well as its creation and destruction. The CEO of Paxos and co-founder named Charles Cascarilla described the development and showed the advantages of the tokenization by stating:
“In a digital and global financial system, owning physical gold is a cumbersome, outdated investment; it’s not easy to trade, divide, move or leverage against other investments.”
Cascarilla also admitted that trading gold derivatives such as Exchange Traded Funds, futures or unallocated gold is easy. However, it is not legal ownership of physical gold and its accessibility is limited.
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“Gold purchased through unaccredited retail outlets is not only expensive, but also risky as the quality and provenance of the gold are unverified,” he said, adding up to the many news that Paxos launches PAXG.
The website of Paxos claims that users can convert the tokens to and from and from fiat currency or unallocated gold. They can also redeem tokens for physical gold bars. The altcoin news also showed that token holders can also look up the serial number, brand code, weight, fineness and fine weight of their gold bars.
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