PAX Gold Price Prediction: Will PAXG Boom in 2024?

Pax Gold (PAXG) is a gold-pegged token launched in 2019 by Paxos Trust Company, well-known for its Pax Standard dollar-backed stablecoin. Being an asset-backed product, one PAXG represents a troy ounce of gold’s price, meaning its value is tailored to the market price of the precious metal. From a technical point of view, Pax Gold is an ERC-20 token created on Ethereum blockchain, hence it can be utilized by any crypto holder without hassle – it’s easily compatible with major wallets and supported be big exchanges. Needless to say, Paxos company is a licensed custodian that provides high-security standards and goes through financial audits regularly. Pax company works along with Loco London Bank: if you have an account there, you can conveniently convert your unallocated gold bars to PAXG tokens just in one day, or redeem your unallocated gold back. You can also redeem for a gold bullion and even order delivery. There are a few advantages of PAX Gold. Firstly, the original idea of tokenizing assets and simplifying speculations on gold price attract many crypto lovers and allow the project to find its niche. Secondly, buying the tokens instead of gold bars removes the obstacles related to holding physical gold, particularly logistics, storage, and safety of the asset. PAXG users just buy the ownership rights, whilst the gold bars remain in the custodian’s vaults. Also, with Pax Gold, an investor can easily buy a fractional amount of a gold bar if they don’t need a whole troy ounce. It is available in fractions as small as an exchange permit. It makes the investments affordable even for small traders. Moreover, unlike physical gold, it provides staking and lending opportunities and allows earning extra interest – on Block.fi or You.Hodler, to name just a few. Finally, Pax Gold is issued on the Ethereum ERC-20 protocol, which makes it easily compatible with most services.