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PAXG, each token is a claim to one physical ounce of gold, held by the issuer. Issued by a fully regulated NYC based financial institution.
by thebean11 5y ago
PAXG, each token is a claim to one physical ounce of gold, held by the issuer. Issued by a fully regulated NYC based financial institution.
- criddell 5y agoWhat happens when the token is lost or destroyed? Is that the only way to claim ownership?
- thebean11 5y agoUnlikely you'd be able to redeem it. The token trades on 3rd party exchanges so there's no way to prove you lost it vs sold it. You have a choice between holding the tokens in a wallet vs on their platform (which is how you'd redeem for physical), I'm sure if you're using the latter it's a different story. I don't know for sure though.
- leppr 5y agoPAXG, USDT and similar voucher tokens are not Non Fungible Tokens since they are fungible, you redeem a quantity of gold vs a specific gold bar.
- deleted 5y ago[deleted]
- thebean11 5y agoTrue, I thought they were asking about tokenized assets in general