Pax Gold (PAXG) is a cryptocurrency unit indexed to gold and backed by gold, launched by Paxos Standard. Although not the first in its field, PAX Gold, released in September 2019, is certainly seen as one of the most significant projects to enter the market around these dates. Launched on the Ethereum network as an ERC-20 token, PAXG is actually considered a stablecoin. Pax Gold, which can be bought and sold on many cryptocurrency exchanges, was launched with a focus on enabling people to buy gold in a digital environment without the need for physical gold.
Although users do not purchase physical gold, the fact that the Pax Gold team provides physical collateral for each PAXG token actually shows that it is physical, only the purchases are digital. The fundamental goal behind Pax Gold is to create an infrastructure where gold can be bought and sold more in digital environments. Especially since this valuable commodity, which is difficult to carry and divide, can be transferred and divided within seconds in a digital environment. Pax Gold allows certain investors to buy the amount of gold they want directly through cryptocurrencies.
What is PAX Gold (PAXG)?
Pax Gold Coin, launched by stablecoin company Paxos Standard after the US dollar-indexed PAX, is backed by a certain amount of gold in the same way a certain amount of US dollars is held in the bank for this cryptocurrency. The unit price of PAXG Coin is indexed to the gold OUNCE price, and the company holds that much gold OUNCE in its reserves for each PAXG. With a circulating supply of 60,161, PAXG has exactly that much gold OUNCE in the company reserves. As of the time this article was written, PAX Gold Coin is trading at $1,762, and its market value is over $106 million.
Ranked 350th in terms of total market value, this stablecoin and gold-focused cryptocurrency can be expected to increase its total supply as interest in gold grows.
Where to Buy PAXG Coin?
PAXG Coin, launched directly for people to easily buy gold, can be purchased using Binance, one of the world’s largest exchanges. It is possible to buy gold from the PAXG/USDT trading pair or the PAXG/BTC trading pair on Binance.
