What is Pax Gold (PAXG)?
Pax Gold (PAXG) is a digital asset backed by physical gold, introduced in September 2019 by the team behind Paxos Standard. It is issued as an ERC-20 token on the Ethereum blockchain and can be traded on a range of cryptocurrency exchanges.
PAXG operates on the Ethereum blockchain, originally secured through a proof-of-work system. Although Ethereum has shifted to a proof-of-stake model, PAXG remains compatible with the network and can be deployed on other blockchains if needed.
The purpose of Pax Gold is to make gold more accessible and easier to trade. Unlike physical gold, which is often difficult to divide or transport, PAXG allows for fractional ownership. Each token is backed by one fine troy ounce of gold held in vaults managed by Paxos, providing users with exposure to the value of gold without needing to store or move the physical commodity.
The token serves as a bridge between traditional gold markets and blockchain technology, offering a way to hold gold through a digital format. It is designed for those looking to integrate gold into their portfolios without engaging in traditional gold trading or storage.
The project was founded by Charles Cascarilla, who also leads Paxos as CEO. He has a background in finance, having co-founded Cedar Hill Capital Partners in 2005. His work spans both conventional investment management and blockchain-based ventures.
As of now, Pax Gold has a circulating and total supply of approximately 340,540 PAXG tokens.
PAXG is listed on Binance for trade and purchase. The current price of PAXG is available and updated in real-time on Binance.
