PAX Gold (PAXG), as the name suggests, is a cryptocurrency unit indexed to the price of an ounce of gold. Investors can buy and sell this stablecoin as if they were purchasing gold provided by London Good Delivery. Paxos Standard, the company behind these tokens, holds the equivalent amount of gold in reserves for each token issued. It is known that every PAXG holder actually has the same amount of gold protected in Paxos Standard’s vaults.
What is PAX Gold (PAXG)?
Pax Gold is one of the latest steps taken by the company, which first entered the market with the PAX stablecoin. During times when institutional investors wanted to accelerate their gold purchases, the supply chain, disrupted by the Coronavirus pandemic, made this impossible. The Paxos Standard team eliminated the supply chain problems by introducing a stablecoin indexed to the price of an ounce of gold after their U.S. dollar-indexed stablecoin.
Normally, purchasing physical gold requires a smooth supply chain and involves substantial transaction fees and processes. However, investors can bypass these hurdles by directly purchasing PAXG, thus owning gold. As of the writing of this article, PAX Gold’s total market value is over $78 million.
PAXG, the 118th largest cryptocurrency by total market value, has a total supply of 42,200. This means that Paxos officials hold 42,200 ounces of gold in reserve, against which PAXG tokens are issued to users. The trading volume of PAXG in the last 24 hours is seen to correspond to $1.5 million.
To purchase PAXG Coin, the Crypto.com cryptocurrency exchange can be used.
Where to Buy PAXG Coin?
So how can you purchase PAXG Coin from the Crypto.com cryptocurrency exchange?
- To buy PAXG Coin, you first need to transfer Tether (USDT) to Crypto.com.
- After completing the deposit, go to the Exchange section at the top and click on the USDT markets tab.
- In the opened section, type PAXG in the search bar and select the opened PAXG/USDT trading pair.
- Then, select the amount of PAXG Coin you want to buy and click on the BUY-SELL tab below.
- Your PAXG Coin order will thus be placed on the market.
- Your order will be executed if someone places a buy order at the price you want to sell.
- Your funds, i.e., your PAXG Coins, will then be added to your wallet.
