From the Pax Gold website:
A digital token, backed by physical gold. Easily convert or redeem PAXG for fiat, physical or unallocated gold via the Paxos platform. Pax Gold is now handled by over 30 vaults, exchanges, wallets, lending platforms and more.
Pax Gold (PAXG) is a digital asset. Each token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s vaults. If you own PAXG, you own the underlying physical gold, held in custody by Paxos Trust Company.
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