PAX Gold (PAXG) Crypto Exchange

PAX Gold (PAXG) is a digital token hosted on the Ethereum blockchain. It's a stablecoin backed by physical gold reserves held by the Paxos Trust Company, a blockchain company based in New York, USA.

The PAX Gold token was launched in 2019 by Charles Cascarilla and Rich Teo, the creators of the Paxos Standard. Their company, Paxos, specializes in building blockchain infrastructure to facilitate the exchange of digital tokens.

This token represents a simple way to own a stable, physical asset like gold without the drawbacks associated with storing real gold (security, movement, transportability, etc). Unlike traditional gold exchanges, PAXG lets users trade small fractions of gold using the token as a proxy.

How Does PAX Gold Work?

Each PAX Gold token is backed 1:1 by one troy ounce of a 400 oz gold bar certified by the London Bullion Market Association and stored in secure vaults around the world. The token is hosted on the Ethereum blockchain, which makes it easy to transfer between wallets, exchanges, and any type of decentralized application that supports Ethereum.

PAX Gold gives holders exposure to gold, a historically stable asset, without having to go through the headaches associated with storing physical gold. Because it’s a stablecoin, you can hold it to hedge against inflation experienced by fiat currencies or exchange it for other digital tokens.

The main goal of the PAX Gold token is to make gold more tradable.