Paxos Launches PAXGy: A Gold-Backed Token for Institutional Reserves
What happened
Paxos Labs has launched PAXGy, a new digital asset designed for tokenized gold investing. This product is a gold-backed token, where each PAXG is pegged to one fine troy ounce of physical gold, approximately 31 grams. The Paxos Trust Company issues the cryptocurrency PAXG, which is regulated by the New York State Department of Financial Services.
From americanbanker.com
Why it matters
The PAXGy product is designed to accrue value by deploying its underlying reserves in the institutional gold leasing market. The Paxos Trust Company operates under the formal regulatory oversight of the New York State Department of Financial Services. Furthermore, the company utilizes London's infrastructure for the secure storage of these assets.
From americanbanker.com
Who's involved
- Paxos Trust CompanyIssues the PAXG cryptocurrency and is regulated by the NY State DFS.
- New York State Department of Financial ServicesThe mandated regulatory agency overseeing financial services products in New York State.
- LondonLocation where Paxos Trust Company utilizes infrastructure for secure asset storage.
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The entities involved
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Paxos Trust Company
financial technology company
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New York State Department of Financial Services
responsible for regulating financial services and products
Nothing else this week.
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London
city in Southwestern Ontario, Canada