- GCrypto, the in-app cryptocurrency platform of GCash, added Paxos Gold or PAX Gold (PAXG), bringing the total number of listed cryptocurrencies to 24.
- PAXG is a digital asset representing ownership of physical gold, integrating the stability of gold with the efficiency of blockchain technology.
- It is fully backed by physical gold stored in secure vaults and is available for purchase and sale on various cryptocurrency exchanges and wallets.
GCrypto, the in-app cryptocurrency platform of e-wallet giant GCash, recently announced the listing of Paxos Gold (PAXG), an ERC-20 token pegged to one troy ounce of a 400-ounce London Gold Delivery gold bar. This addition brings the number of crypto listed on the platform to 24.
PAXG to PHP Price
Check out our 6 most recently updated crypto guides:
Check out more articles in our Cryptocurrency 101 Series.
What is PAXG?
PAXG is a digital asset that represents ownership of physical gold. It is created and issued by Paxos Trust Company, a regulated financial institution. According to a press release, it is designed to integrate the stability and value of physical gold with the accessibility and efficiency of blockchain technology.
PAXG can be purchased and sold on a number of cryptocurrency exchanges, including Coinbase, Kraken, and Gemini. It can also be stored in a number of cryptocurrency wallets, including the Paxos Wallet and the Coinbase Wallet.
Each PAXG token is fully backed by one fine troy ounce of London Good Delivery gold bars, which are noted to be securely stored in professional vaults. This means that there is an equivalent amount of physical gold stored as collateral for every PAXG token in circulation.
Features of PAXG
As per the media release of Grypto, the following are the token’s features:
- Fractional Ownership – As it is a digital asset backed by physical gold; it allows investors a convenient and cost-effective way to own gold.
- Security and Transparency – The physical gold pegged in each token is stored in audited vaults and the ownership is blockchain-verifiable.
- Liquidity -PAXG is a digital asset that is easily bought, sold, or traded on cryptocurrency exchanges. This provides high liquidity and the ability to convert to other assets or fiat currencies quickly.
- Diversification – As a gold-backed stablecoin, it can diversify portfolios and hedge against inflation.
- Global Accessibility – PAXG is accessible worldwide, removing geographical barriers and creating a global platform for gold trading.
How to Buy and Sell at GCrypto:
- Access GCrypto through the GCash app.
- Ensure your GCrypto wallet has sufficient funds. Users may top-up through their GCash wallet with zero fees.
- Select your cryptocurrency of choice.
- Select buy/sell.
- Enter the desired amount either in PHP or crypto quantity.
- Review the details of purchase.
- Confirm price at time of purchase.
Latest GCrypto News
The crypto platform is currently running a promotion called “GCrypto Better Rates.” This marketing campaign offers users improved buy and sell prices compared to previous rates during the promotional period, which runs from October 1 to October 31, 2023. The promo is available to all new and existing registered GCrypto users.
This article is published on BitPinas: GCash in-app Crypto Platform GCrypto Lists Paxos Gold
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.