2024-10-01
Paxos Gold (PAXG) launched on July 9,
2024. It is a digital asset backed by physical gold, representing an
interesting intersection of blockchain technology with traditional finance
(TradFi). It allows investors to own digital tokens directly tied to physical
gold without needing to hold and store the gold themselves.
Paxos Gold (PAXG) achieved a
significant milestone, with its market cap surpassing $500 million on October
1, 2024.
This milestone highlights the growing interest from traditional finance (TradFi) in gold-backed cryptocurrencies. Each PAXG token is backed by one troy ounce of high-quality gold stored in professional vaults, combining the stability of gold with the flexibility of blockchain technology. This development indicates a potential shift in investment strategies towards tangible assets on the blockchain, reflecting a broader trend of integrating traditional assets to blockchain technology.
