Evolving cryptocurrency technology continues to astound us with new inventions like Pax Gold (PAX). This is a crypto asset that is backed by physical gold. Investors can now begin to stake PaxG and receive more tokens or physical gold based on their deposits. These services are supported by a variety of platforms, and we will look at a few of them shortly.
Pax Gold is a stablecoin (digital currency) backed by 1 fine troy ounce of gold. The actual gold is safely stored in Brinks vaults. A company called Paxos manages this arrangement so that investors do not have to carry their physical gold all over. With your stablecoins, which are equivalent to the amount of gold you have, you can trade and invest in various platforms. That said, here is everything you need to know about PaxG staking.
What Is Pax Gold Staking?
This is a process that involves locking up your Pax Gold for some time in platforms that support Pax Gold staking, and in return, you receive either additional tokens or physical gold.
In crypto savings platforms, investors earn PaxG interest, which is usually an average of 5% APY. Before you settle on a platform for PaxG staking, it is important that you check the terms and conditions of investing. Some platforms may have lower PaxG interest rates, but they may have numerous other benefits that surpass the platforms with a higher interest rate.
Platforms That Support PaxG Staking
- YouHodler – This platform is well known for providing services that allow you to stake different cryptocurrencies such as Ethereum and Bitcoin. They now offer services that enable cryptocurrency investors to stake PaxG in a reliable and confidential environment. All you have to do is sign in to your account by entering your name and password and then follow the steps as directed. YouHodler gives an interest rate of up to 8.2% APY, which is quite competitive. Furthermore, this platform is known for other attractive benefits as well.
- Nexo – If you have been in the crypto world for some time, you probably have heard of this platform. They offer PaxG staking services with an annual interest rate of up to 8%. You can receive your interest as tokens, fiat currency, or physical gold. Join Nexo today to learn more about PaxG staking and other crypto-earning opportunities through saving.
- Coinbase – This is a Pax Gold staking platform that will hold your coins for some time, and in return, you are paid for it. This is just the simplest way of earning coins or physical gold in the crypto community. You can start by creating an account on the platform and begin staking. The good thing about Coinbase is that your asset investment remains secure all throughout the process. Hence, you do not need to worry about losing your assets. Lastly, it is worth mentioning that you could borrow crypto loans using your crypto savings as a collateral. This is an option for investors interested in PaxG lending.
- Binance – Who would have thought you could simply sit down, lock up your digital assets, and get paid for it? Binance allows you to store your Pax Gold for a while and receive payments based on your deposits. This platform is unique in that it does not charge any fees. This alone demonstrates the platform’s potential. Again, Binance is a popular digital asset management platform that you could use to grow your investments significantly through PaxG staking.
- Kraken – For months, Kraken has been among the top platforms that support PaxG staking. As a Kraken user, you do not have to worry about fees since the entire staking process is free for Kraken users. You get to earn up to 5% interest depending on your deposits. The platform is supported globally; hence, this should be among your top picks if you are a global crypto investor. No fees and global access are examples of the extra benefits we mentioned even though the interest rate is slightly lower than with other platforms.
Benefits of PaxG Staking
- A simple way to earn interest on your cryptocurrency investments – The primary role of staking PaxG is to earn interest on your investments. You can even earn an interest rate of up to 10 to 12% depending on the platform you are using to stake. But as mentioned, there might be other benefits beyond just the interest rate. So, check thoroughly before you settle on a platform. If you are not using your gold anytime soon, you can convert it to PaxG and stake it for some time to earn interest.
- Opens other earning opportunities – Staking opens other opportunities on some platforms, especially the new and growing ones. You could qualify for airdrop projects, the option to borrow crypto against your crypto investment, and a lot more. Therefore, PaxG staking is the way to go if you want to grow in the crypto industry. And the good thing is that your gold remains intact.
- Contribute to the blockchain’s efficiency and security by staking PaxG – Cryptocurrencies rely on staking and holding to verify transactions and keep platforms running smoothly and efficiently. In addition to earning from the activity, you become a contributor to the growth of the blockchain. Choosing an active platform is good because you become an important part of its success.
As mentioned, PaxG investment also helps you to better manage your gold and earn more from it. You could even borrow crypto to buy more gold and grow your savings. As a member of a reliable crypto savings or staking platform, you will definitely get a good repayment deal.
Investing in PaxG is a once-in-a-lifetime opportunity that will keep you ahead of the competition. This article will teach you more about PaxG staking, which will help you earn more interest and become a better crypto investor. Now that you have read it, it is time to take notes and try it.