What is Paxos Gold (PAXG)?
PAX Gold (PAXG) is a digital asset backed by physical gold, launched in September 2019. It was created by Paxos, a blockchain infrastructure company. Each PAXG token represents one fine troy ounce of a London Good Delivery gold bar, stored in Brink’s vaults. PAXG was developed to make investing in gold more accessible and to combine the stability and value of gold with the efficiency of digital tokens. It offers the benefits of physical gold ownership, minus the storage and security issues. PAXG can be traded on exchanges, redeemed for physical bars at certain institutions, and used as collateral in DeFi platforms.
The token aims to provide a safer, faster, and cheaper alternative to traditional gold investments, making gold trading more accessible in the digital age. PAXG is audited regularly to ensure that the physical gold in the vaults fully backs the circulating supply of tokens.