Cryptocurrency Q&A
Is Pax gold really backed by gold?
Is Pax gold really backed by gold?
HanjiHandiwork
Sat Jun 29 2024
|
6 answers
1713
Could you please clarify for our audience the authenticity of Pax Gold's gold-backing claims? We've heard various assertions that Pax Gold is indeed backed by physical gold, but there seems to be some skepticism in the community regarding this. Could you elaborate on the exact mechanism and processes involved in Pax Gold's gold-backing? How does Pax Gold ensure transparency and accountability in its gold holdings? Additionally, what measures does Pax Gold take to protect against potential fraud or misrepresentation of its gold reserves? Your insights would be greatly appreciated.
6 answers
LitecoinLodestar
Mon Jul 01 2024
Pax Gold, or PAXG, is a unique digital asset with a distinct backing.
Was this helpful?
377
95
Raffaele
Mon Jul 01 2024
Each PAXG token represents ownership of one fine troy ounce of physical gold.
Was this helpful?
282
25
Filippo
Mon Jul 01 2024
This gold is securely stored in LBMA-approved vaults located in London.
Was this helpful?
46
97
CryptoEnthusiast
Mon Jul 01 2024
As the owner of PAXG, you have the assurance that the corresponding physical gold is held in custody by Paxos Trust Company.
Was this helpful?
394
41
CryptoAlly
Sun Jun 30 2024
Paxos Trust Company is a trusted entity that ensures the safekeeping of the gold associated with PAXG tokens.
Was this helpful?
304
66
Load 5 more related questions
