Please step aside Bitcoin. There is a new digital gold in town. PAX Gold (PAXG) is a little bit crypto and a little bit physical gold all wrapped up into one groundbreaking technology. PAXG was recently approved by the New York State Department of Financial Services for the purpose of custody and listing. With both crypto and physical gold stealing major headlines during the economic crisis, everyone is looking for the best coin wallet to store their favorite digital assets. Let’s discuss why PAXG is tracking the world by storm and then examine the best option for storage.
According to data from CoinMarketCap, PAXG trading at $1,500 just a few short months ago in March 2020. Since then, the asset has explored new highs, currently sitting at just over $2,000. Why the sudden surge in gold? Surely, the catalyst can be traced back to March, when the COVID - 19 pandemic shocked the market and global governments everywhere. Since then, central banks have been printing money at alarming rates, causing consumers to lose faith in fiat and instead, invest their money in other commodities like gold, silver, bitcoin, and gold-backed stablecoins like PAXG. PAXG is particularly useful because it is far easier to store than gold without a need o pay storage fees or bullion fees like with real gold.
Before we dive into the best coin wallet to store PAXG, let’s first learn a few quick facts. PAXG is a cryptocurrency asset-backed by real, physical gold. A PAXG digital coin is backed 1:1 by one fine troy ounce of a 400 oz London Good Delivery gold bar and stored in physical Brink’s vaults. Anyone who buys PAX Gold owns the real physical gold that is held in custody by Paxos Trust Company.
As discussed earlier, Paxo Trust Company had a large breakthrough in compliance with its listing on the New York State Department of Financial Services (NYDFS). Hence, this validates the companies existence and functionality, making them the premier gold-backed crypt asset on the market.
There are several options to store PAXG but not all are created equal. The best coin wallet for PAXG or any cryptocurrency for that matter should contain security, passive income capabilities, and perhaps some bonus features that help activate the funds in the wallet even more. FinTech platform YouHodler’s crypto wallets check all those boxes.
Besides just being a secure wallet backed by Ledger Vault’s $150 million pooled crime insurance fund, these wallets help users earn a passive income beyond just that of the market increasing in values. Today, users can deposit PAXG and start earning 8.2% immediately on amounts up to $100,000.
In addition to passive income PAXG wallets, the platform also has a unique multiplication tool called Multi HODL. Multi HODL lets users trade PAXG against BTC and profit off the asset’s positive or negative price direction depending on which button they click (UP or DOWN). It’s a very creative way to boost PAXG earnings even more beyond its natural rate of growth.
With inflation, unemployment, and overall lack of confidence in financial markets, commodities like digital gold and Bitcoin show no signs of slowing down. So now is the best time to enter the new digital economy and put those assets to work for you.