Latest PAX Gold updates on February 22nd

2023-01-10 : 1/ Paxos does not provide, promote or enable any services related to wrapped versions of assets such as PAX Gold or… https://t.co/lErB5fjKq3

Paxos, a cryptocurrency project, is actively communicating with its community by sending direct messages and providing important updates. On February 13th, they announced they will halt minting new BUSD tokens effective February 21st, and they will continue to manage all outstanding BUSD reserves. They also issued a statement on the same day, expressing their dedication to the development of stablecoins, tokenization and blockchain technology. On February 9th, they clarified speculation that Paxos had not been asked to withdraw its application for a national trust bank charter. On January 30th, they released their guide to tokenization and on January 19th, they announced the creation of their regulated blockchain infrastructure platform. Lastly, on January 10th, they warned consumers against the use of wrapped versions of assets such as PAX Gold or PAX Silver.

What is PAX Gold ?

Pax Gold (PAXG) is a digital token that is backed by physical gold, providing investors with a cost-effective way to own and trade investment-grade physical gold. Each PAXG token is backed by one fine troy ounce of gold, stored in LBMA vaults in London. The gold is held in custody by Paxos Trust Company and is audited monthly.

PAXG offers investors a more efficient way to own physical gold compared to other gold tokens, gold ETFs, and LBMA 400 t oz bars. It has a low minimum purchase amount, no storage fees, and is trusted by the largest global financial institutions. PAXG is available to trade on the Paxos platform, as well as leading exchanges including Binance and itBit.

PAX Gold is an ideal way for investors to diversify their portfolios and hedge against economic instability. Unlike other physical gold investments, PAXG is digital, easy to buy, and easy to store. It is also extremely liquid, allowing investors to quickly and easily access their gold whenever they need it. In addition, PAXG is insured and audited regularly, giving investors peace of mind that their investment is secure.

PAXG is a secure and regulated investment, making it attractive to both institutional and retail investors. It is fully compliant with all applicable laws and regulations and is monitored by the New York State Department of Financial Services. PAXG is also audited by leading accounting firms, further ensuring the security of the token.

Whether you’re a seasoned investor or just getting started, PAXG offers a low-cost and convenient way to invest in gold. With PAXG, investors can easily store, trade, and transfer their gold without ever having to hold it in their hands.

This article was published on 2023-01-29 by Marc Endevor. Information shown in this article was gathered from the project’s website and Twitter account. Coinvestigate cannot guarantee the accuracy of this information, or any news that may have impacted the project in the meantime.