Stablecoin operator Paxos has now launched gold-backed Ethereum (ETH) token known as PAX Gold (PAXG). Paxos revealed the launch of the platform through a press release published on Thursday. Paxos advertised the cryptocurrency as the first-ever crypto-asset to be redeemable for physical gold. The sentiment was approved by the New York State Department of Financial Services (NYDFS). The NYDFS also released a statement confirming that the cryptocurrency was backed by gold. The NYDFS also stated it to be the “first gold-backed virtual currency in New York State. How does it Work? According to Paxos, each PAXG token will be backed
