Crypto.com Will Delist PAX Gold (PAXG) on January 31st

The deadline for converting or withdrawing these assets is March 31st. After this date, any remaining holdings may not be accessible through the exchange.

Crypto.com users holding PAX Gold (PAXG) are advised to take necessary actions as the exchange will be delisting the asset on January 31st. To ensure the accessibility of your PAXG holdings, traders must convert or withdraw these assets by March 31st. Failure to do so might result in limited or no access to the remaining PAXG holdings through the exchange after the stipulated deadline.

PAXG Overview:

PAX Gold (PAXG) is an ERC-20 stablecoin backed by physical gold reserves. It operates on the Ethereum blockchain and is overseen by the Paxos Trust Company, which maintains the gold reserves and ensures regulatory compliance under the supervision of the New York State Department of Financial Services. PAXG serves as a digital alternative to traditional gold investments, facilitating user interaction with gold assets within the decentralized finance (DeFi) realm.

Each PAXG token represents one troy ounce of a 400-ounce London Good Delivery gold bar, which is stored in secure vaults like Brink's throughout the world. For transparency and to maintain trust in the system, third-party audits are performed monthly to verify the alignment between Paxos' gold holdings and the total PAXG supply in circulation. The results of these audits are published on Paxos’ official website. Moreover, the PAXG infrastructure, including its smart contracts, is subjected to regular audits to assess their robustness and security.

PAXG, as an ERC-20 token, is designed to be compatible with Ethereum wallets, DeFi platforms, and decentralized exchanges (DEXs), offering a unique integration with the broader decentralized finance ecosystem. In contrast to traditional gold holdings, which incur storage and custody charges, PAXG ownership entails only minimal transaction fees and Ethereum gas costs. Each token carries a serial number that corresponds to a specific gold bar, and this information can be retrieved using the PAXG lookup tool. For added versatility, holders can convert their PAXG into fiat currencies, other crypto assets, or even physical gold at the prevailing market rates.