Is it possible to redeem my holdings of tokenized gold on the blockchain such as Paxos Standard (PAX) and/or Paxos Crypto Brokerage (PAXG) for physical gold bars or coins?
Yes, it is possible to redeem your holdings of tokenized gold on the blockchain such as Paxos Standard (PAX) and/or Paxos Crypto Brokerage (PAXG) for physical gold bars or coins.
Paxos Crypto Brokerage (PAXG) is a digital asset that is backed 1:1 with physical gold bars stored in secure vaults. Each PAXG token represents one fine troy ounce of a London Good Delivery gold bar, stored in Brink’s vaults. To redeem your PAXG tokens for physical gold bars, you must first open an account with Paxos Crypto Brokerage.
Once you have opened an account, you can submit a redemption request to exchange your PAXG tokens for physical gold bars. The redemption process typically takes 5-7 business days and requires the submission of additional documentation such as proof of identity and proof of address. Once the redemption request has been approved, the PAXG tokens will be exchanged for physical gold bars which will be shipped to you via insured courier service.
You will also receive a certificate of authenticity that confirms the weight and purity of the gold bar(s).
