Paxos launches gold-backed cryptocurrency
Paxos, a New York based stablecoin issuer, has launched a gold-backed token trading as PAX Gold ($PAXG). Each ERC-20 token represents ownership of one fine troy ounce of a 400 oz London Good Delivery gold bar stored in Brink's vault. PAX Gold has been approved by the New York Department of Financial Services (NYDFS) which recently approved a USD stablecoin issued through a partnership between Binance and Paxos.
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