Introducing Alpha Bullion, Physical Gold on the blockchain. Alpha Bullion is proud to announce its launch as the world’s first platform for redeeming physical gold using Paxos’ regulated gold-backed cryptocurrency, PAX Gold. A collaboration between longtime precious metals retailer Bullion Exchanges and chartered Trust company Paxos, Alpha Bullion brings all the innovation of cryptocurrency and all the stability of gold together. Our goal is to create an ideal way to trade gold, by minimizing the headaches that come with arranging your own shipping and storage.
PAX Gold is a unique cryptocurrency that allows users to trade physical gold like bitcoin. Named PAXG for short, each token is backed by one fine troy ounce of gold held in the world’s most secure vaults in London. Anyone who owns PAXG also owns the underlying gold it represents. Paxos manages the storage of your gold at no additional cost.
As a Trust company, Paxos is regulated by the New York Department of Financial Services. As Paxos CEO and Co-Founder Charles Cascarilla explained to Mad Money’s Jim Cramer, “You’re not just trusting us because we say you should, we have oversight.”
“World’s first platform for redeeming physical gold using Paxos’ regulated gold-backed cryptocurrency, PAX Gold”
PAX Gold offers customers peace of mind, a unique strength in an often volatile crypto market. Meanwhile, its nature as a digital asset also presents unique advantages to gold collectors.
Normally, gold investors must pay for storage and transportation for their assets. This can mean renting space in costly gold vaults, or worrying about maintaining and securing a home storage system. But with PAX Gold, Paxos maintains your gold for you until the moment you choose to redeem it.
Want to maintain a store of gold?
Just get PAXG through the Paxos platform and they will take care of the rest. Want to trade gold without worrying about long shipping times or packages loss? Just send your trade partner PAX Gold and your ownership will be immediately transferred to them. Ready to hold gold in your hands? Paxos and Bullion Exchanges have teamed up to make redemption quick and easy.
There are currently two options to redeem PAX Gold- through Paxos directly, and through Alpha Bullion. To redeem PAX Gold through Paxos, users must own at least 430 tokens of PAX Gold. This way they can cover the full cost of whichever London gold bar becomes available for shipment first. London gold bars weigh 350 – 430 ounces, there is no way to allow users to redeem generic gold bars from the vault at a smaller, or larger, size.
This is where Alpha Bullion comes into play. Alpha Bullion gives PAX Gold owners redemption access to select gold products from Bullion Exchanges’ diverse precious metals catalog. Here, users can exchange PAX Gold on products ranging from 1 gram to 1 kilo of gold. So long as customers can cover the redemption cost, there is no requirement to keep a minimum PAXG in their wallet.
Alpha Bullion carries items including Pamp Suisse and Valcambi gold bars, as well as generic aftermarket bars in various sizes. It also allows users to redeem PAXG for the U.S. Mint’s popular American Eagle coin series, making Alpha Bullion valuable to investors and collectors alike.
Paxos is currently offering a 2% rebate on the first 7000 PAXG tokens sold. This offers customers a unique opportunity to accrue additional value on their precious metal purchases beyond the price of gold itself, an historic first. Sign up today to store your investments using this innovative new take on the time tested gold market.
About Bullion Exchanges
Bullion Exchanges is a trusted precious metals retailer located in the heart of New York City’s Diamond District. We carry a variety of products, from the ever popular gold and silver to the newly emerging platinum and palladium. Above all, we have a numismatist on site, and offer our expertise to first time buyers and long-term collectors alike.
Gold and silver have long been a stable and popular way to introduce hard assets to any financial portfolio. Especially in times of uncertainty and stock market volatility. As our world’s economic climate becomes increasingly unstable in the face of emerging industries and unforeseen political shifts, many have begun seeking out investments that have stood the test of time. We believe that precious metals like gold and silver are a perfect way to expand your financial security. And unlike the generic metals that banks and private mints offer, Bullion Exchanges makes it possible for you to select a wide variety of products from among the industry’s top leaders.
Paxos Trust Company is on a mission to modernize finance by mobilizing assets at the speed of the internet. Paxos is building a future where all assets—from money to commodities to securities—will be digitized and can move instantaneously, 24/7. Settlement risk will cease to exist, trillions of dollars of trapped capital can go to work in a global, frictionless economy.
As the first regulated Trust company with blockchain expertise, Paxos is uniquely positioned to mobilize and custody assets digitally. Visit www.paxos.com for more information on Paxos and its institutional-grade products like Paxos Standard token (PAX), the gold-backed PAX Gold (PAXG) token, Paxos Post-Trade for commodities as well as the itBit crypto-asset exchange and related services including escrow, custody and OTC trading.