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Briefing
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- Pax Gold – Paxos Trust Company launched digital asset Pax Gold (PAXG) whose value is tied to one ounce of physical gold stored in vaults and as quoted by London gold market in September 5, 2019
- ERC-20 Token – Built on Ethereum blockchain and can easily integrate with exchanges, wallets, lending platforms and other crypto products
- Regulatory Approval – Approved by New York State Department of Financial Services (DFS), along with Paxos and Binance's new dollar stablecoin Binance USD (BUSD)
- Redemption – PAXG tokens represent ownership of physical gold redeemable at partnering institutions, such as Brink in London and Bullion Exchanges in New York
- Blockchain Benefits – Digitizes trade of gold reducing manual and physical moving of assets, provides greater liquidity, and connects traditional markets to crypto markets
- Gold-Backed Loans – Partnership with crypto lending startup SALT enables people to borrow in U.S. dollar (USD) or stablecoin, while providing gold-backed token as collateral
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Accelerator
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Market Disruption
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Sector
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Financial Services, Information Technology
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Function
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Sales and Distribution Channels
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Organization
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Paxos Trust Company LLC
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Source
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Original Publication Date
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October 5, 2019
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