Written by Logan

On September 2, 2020

Metal Pay welcomes Paxos Gold (PAXG) to our Marketplace

While there are lots of different types of investments, people often use broad categories to describe where they are investing their money. Stocks represent a share of a company, bonds represent your trust in the issuer; real estate represents ownership of private property, and precious metals represent possession of physical valuables. 

Cryptocurrency is a completely different type of investment for those who enter this space. Unlike the other categories mentioned above, cryptocurrency is fundamentally different in that it is easily movable, exchangeable, and securable. With cryptocurrency, there’s no need for a giant safe or for hiring an expensive broker – you’re in charge of where your holdings go and what happens to them.

One cryptocurrency that seeks to apply these advantages to a totally different type of investment is Paxos Gold (PAXG). With PAXG, holders gain ownership to actual physical gold while maintaining the flexibility offered via cryptocurrencies. Seem too good to be true? Read a bit further to see how this works, why people use PAXG, and what it means for Metal Pay users.

What is Paxos Gold?

Designed with compliance and transparency in mind, Paxos Gold offers people a way to own actual gold that is held in custody with Brink’s (you might know them as the armored truck company that picks up cash from businesses). Essentially, this means that each PAXG coin represents one fine troy ounce of gold – allocated with a specific serial number that is attached to a specific gold bar. 

Can’t afford an entire ounce of gold? PAXG, like most cryptocurrencies, allows you to hold a fraction of a coin – making fractional investment in gold easier than ever. By owning PAXG, you gain ownership of verified vaulted gold without the need to store it yourself. 

Making Gold More Accessible

Gold is one of the oldest and most sought-after forms of currency on the planet. For thousands of years, mankind has attempted to accumulate more gold, and people have gone to great lengths to hide away their gold to protect it. PAXG fundamentally changes how people approach gold. Gone are the days of giant, time-delayed safes to store your gold; gone are the days of physically dividing your gold to trade it for something else. With PAXG, you can now own gold and store it on something as simple as a hardware wallet or even a piece of paper.

Beyond its storability, PAXG can also be easily traded and moved anywhere on the planet. Want to send some gold to someone you love, or buy something with gold? Just slide it into the desired wallet like any other cryptocurrency. With PAXG, gold can finally be as accessible as cryptocurrency.

Who uses PAXG?

Paxos Gold is a unique approach to owning precious metals – unlike any other method of owning gold to date. People who want to own gold, but don’t want to worry about moving and storing it, may find PAXG to be an exciting way around these obstacles. Additionally, by tying itself to the price of gold, PAXG can act as a way to diversify your investment into more categories and participate in the price movements of the precious metals industry.

Metal Pay and Paxos Gold

We believe that PAXG is an exciting and unique idea in the cryptocurrency industry, which is why it caught our attention. We love their transparency and overall company philosophy, which you can learn more about here. By offering Paxos Gold in the Metal Pay Marketplace, our users gain access to a new way to invest in the precious metals industry on a platform that they know and trust. With PAXG on Metal Pay, the on-ramp to owning gold has never been easier.

____

We’re excited to add PAXG to our Marketplace, where our users can buy and sell a growing list of cryptocurrencies. New to Metal Pay? Download us from the Apple App Store or the Google Play Store. Have a question? Reach out to our Support Team on Twitter.

Still wondering what PAXG is or what it can do? Be on the lookout for more content about PAXG in the Discover section of the Metal Pay app, as well as on our primary social media account.

🤘 Your friends at Metal 🤘

Other Metal Pay posts:

SEC sues Ripple – XRP trading halted, and our response

SEC sues Ripple – XRP trading halted, and our response

The U.S. Securities and Exchange Commission’s lawsuit against  Ripple has captured the attention of the cryptocurrency industry. The accusations against Ripple are serious and the potential consequences significant. As a result, a number of exchanges have halted the...

Metal 2020 – Year in Review

Metal 2020 – Year in Review

The past year has been a shock for billions of people around the world. It seemed like no other year in recent memory had such a mix of good news and bad news, hardship and excitement, opportunities and closed doors. 2020 has been hard, but it has also been an...

The Do’s and Don’ts of Talking Crypto over the Holidays

The Do’s and Don’ts of Talking Crypto over the Holidays

This holiday season, we know it will be a little awkward navigating conversations with your family whenever cryptocurrency comes up. After all, these are the people who probably rolled their eyes at you whenever you talked about “going to the Moon” all of those years...

Marshall’s AMA with WazirX – MTL, Proton, and more!

Marshall’s AMA with WazirX – MTL, Proton, and more!

Our CEO, Marshall Hayner, recently sat down with the team from WazirX to celebrate them listing our first cryptocurrency, Metal (MTL), on their exchange! WazirX is one of the largest and most trusted exchanges in India; adding MTL to this exchange gives over a billion...

Metal Heads-up – November 2020

Metal Heads-up – November 2020

It’s pretty ironic that just as the seasons change and winter inches closer, the cryptocurrency winter is beginning to fade. The price of Bitcoin is climbing, altcoins are following close behind, and whispers about cryptocurrency are spreading throughout the media. It...