PAX Gold (PAXG)
Asset ID: 11
Pax Gold (PAXG) is a digital asset backed by physical gold, launched in September 2019 by the team behind Paxos. It is issued as an ERC-20 token on the Ethereum blockchain and is available for trading across various cryptocurrency exchanges.
PAXG runs on the Ethereum network, which was originally secured using a proof-of-work mechanism. Although Ethereum has since transitioned to a proof-of-stake model, PAXG continues to function seamlessly on the network and can potentially be deployed on other blockchains if required.
The main goal of Pax Gold is to simplify access to gold and make it easier to trade. Unlike physical gold, which can be challenging to divide or transport, PAXG enables fractional ownership. Each token represents one fine troy ounce of gold stored in secure vaults managed by Paxos, allowing users to gain exposure to gold’s value without handling the physical asset.
The token acts as a connection between traditional gold markets and blockchain technology, offering a digital method of holding gold. It is intended for individuals who want to include gold in their portfolios without dealing with the complexities of physical trading or storage.
The project was founded by Charles Cascarilla, who also serves as CEO of Paxos. He has a background in finance and previously co-founded Cedar Hill Capital Partners in 2005, with experience spanning both traditional investment management and blockchain-based initiatives.
At present, Pax Gold has a circulating and total supply of approximately 340,540 PAXG tokens.
Network: ethereum
Category: Other
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