KBC has had a hard time lately with all sorts of bad press and claims of it being a scam etc. And now another coin is out and is supported by a big exchange like Kraken. I didn't think much of PAXG until I noticed it's description:
What is PAX Gold (PAXG)?
PAX Gold (PAXG) gives customers the benefits of actual physical ownership of specific gold bars with the speed and mobility of a digital asset. Physical gold on the blockchain has the advantages of legal ownership of physically allocated gold, without the drawbacks of limited transportability or high storage costs.
- PAXG’s value is tied directly to the real-time market value of physical gold, and it serves as a hedge against crypto volatility
- One token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, held in custody by the Paxos Trust Company
- PAXG is an Ethereum ERC-20 token
- PAXG is operated by Paxos, a trust company and custodian, regulated by the New York State Department of Financial Services. Paxos was founded in 2012
- Project website: https://www.paxos.com/
Sounds very similar to KBC, right? This could be a very interesting coin to follow! Perhaps finally a chance to get the benefits of owning gold without actually keeping gold in your possession. It also seems PAXOS has done a lot more on the legal side of things. I will be watching this coin for sure and quite possibly invest in this instead of buying physical gold.
I'm definitely also keeping an eye on this one.