PAXG/TRY: Convert PAX Gold (PAXG) to Turkish Lira (TRY)

PAX Gold (PAXG) is a unique cryptocurrency that aims to combine the stability and value of gold with the flexibility and accessibility of digital assets. Launched in September 2019 by the creators of Paxos Standard (PAX), PAXG is an ERC-20 token that operates on the Ethereum blockchain. Each PAXG token is backed by one fine troy ounce of a London Good Delivery gold bar, stored in professional vault facilities. This means that if you own PAXG, you essentially own the underlying physical gold, held in custody by Paxos Trust Company. The main objective of PAXG is to make gold more tradable and accessible, especially to small-time investors who may find it challenging to invest in the physical commodity due to its indivisibility and transportation issues.

PAXG operates on the Ethereum blockchain and is secured by the proof-of-work (PoW) model. Each PAXG token is backed by a fraction of a London Good Delivery gold bar, stored in Brink’s gold vaults, an approved storage company by the London Bullion Market Association. This means that the amount of PAXG tokens in circulation is directly proportional to the amount of gold stored for backing. The token aims to combine the security and liquidity offered by blockchain-based cryptocurrency with the established value of gold as a physical commodity. This unique combination provides a new investment opportunity for traders, allowing them to buy indefinitely small amounts of gold through the cryptocurrency.

PAXG seeks to make investing in gold more accessible and flexible. It allows investors to buy small amounts of gold through the cryptocurrency, virtually eliminating minimum buy limits for the commodity. This makes it an attractive option for individuals who wish to invest in gold but are deterred by the high costs and logistical challenges associated with buying and storing physical gold. Furthermore, PAXG can be traded on a variety of exchanges, making it easily accessible to a wide range of investors. It also provides a unique opportunity for individuals to diversify their investment portfolios by combining the stability of gold with the flexibility of digital assets.

PAXG was launched in September 2019 by the creators of Paxos Standard (PAX), a stablecoin that is pegged to the US dollar. The founder and CEO of both Paxos Standard and PAX Gold is Charles Cascarilla, a finance professional with an extensive career in capital management. After co-founding Cedar Hill Capital Partners in 2005, Cascarilla explored the potential of cryptocurrencies and decided to create a cryptocurrency that was entirely backed by gold. This led to the creation of PAXG, which has since become a popular choice for traders looking to invest in gold through a digital platform. The number of PAXG tokens in circulation changes frequently, reflecting the dynamic nature of the gold supply backing it.