PAX Gold
Introduction
PAX Gold (PAXG) is an ERC-20 token that is pegged to one troy ounce (system of weights for precious metals and gems) of a 400-ounce London Good Delivery gold bar. PAXG seeks to make purchasing gold bullion easier, faster and more accessible through fractional ownership.
Holders of PAXG tokens own the underlying asset, which is held by the Paxos Trust Co. and which can be redeemed at any point. If the token holder chooses to redeem for gold bars, they must have a minimum of 430 PAXG. PAXG price tracks the price of the gold it represents, which is subject to changing market conditions.
Background
PAX Gold (PAXG) was founded by the Paxos Trust, the same company that manages the Paxos brokerage platform.
Unlike with many cryptocurrencies, there is no maximum supply for the asset because Paxos Trust can issue as many tokens as demand requires.
Launch
Paxos Trust introduced PAX Gold in September 2019.
How does it work?
Every PAXG token is backed by one ounce of allocated gold stored in Brink’s vaults. For smaller amounts, physical gold retailers are used to help investors redeem their tokens.
PAXG uses the same consensus protocol and blockchain features as Ethereum, including access to smart contracts.
Paxos Trust uses Chainlink’s data oracle product to provide real-time price information for gold and the PAXG token. An oracle is technology that brings data from an external source to a blockchain.
Sources and Resources
Information on this page includes third party content. Such content has not been verified or endorsed by Bullish. Bullish does not warrant that such content is complete, accurate, up-to-date or appropriate for your intended use and Bullish is not liable for any errors or delays in updating such content or ensuring its availability. Any reliance on or interaction with such content is solely at your own risk. Material provided on this page is for informational purposes only and does not constitute investment advice. This information is not and should not be interpreted as a recommendation to buy, sell, or hold a digital or fiat currency or to use a particular investment strategy. You should conduct due diligence before deciding whether to transact in any digital asset or fiat currency. Any prices displayed are for illustrative purposes only. Not all digital assets may be available in all jurisdictions or to all types of customers. Please see the Risk Warnings for important additional information.
The Bullish Group and related parties engage in a range of businesses that may involve: trading their own assets on the Bullish exchange or elsewhere; holding or owning digital assets or fiat currencies or derivatives contracts traded on or off of the Bullish exchange; and participating in or performing other services and transactions on the Bullish exchange or that relate to activity on the Bullish exchange. In addition, the Bullish Group from time to time may enter into arrangements with digital asset issuers, sponsors and/or other third parties that may result in a direct or indirect benefit to the Bullish Group, including Bullish (GI) Limited, the operator of the Bullish exchange. The scope of any such arrangement may include, for example, listing a digital asset, ensuring liquidity in a particular virtual asset market, providing other services in relation to a digital asset or receiving rewards for holding particular assets on the Bullish exchange. The Bullish Group and related parties may also make investments in issuers of digital currencies that trade on the Bullish Exchange; companies that develop the protocols or technologies on which digital assets traded on the Bullish exchange may rely; or companies that are active in ecosystems that may benefit from the trading of particular digital currencies on the Bullish exchange. The Bullish exchange has policies in place to manage conflicts of interest.
Trade crypto’s biggest assets on Bullish.
