What is Pax Gold (PAXG)?

Website: https://www.paxos.com/paxgold/

Maximum Supply: -

Circulating Supply: 60,161 PAXG

Total Supply: 84,150 PAXG

Explorer: Pax Gold Explorer

Whitepaper:  Pax Gold Whitepaper

What is Pax Gold (PAXG)?

Pax Gold (PAXG) is defined as a gold-backed cryptocurrency launched by the creators of paxos Standard (PAX) in September 2019. Pax Gold, an ERC-20 token running on the Ethereum blockchain, can be traded on a wide variety of exchanges and has become an accessible way for investors to start investing in gold. One of the main purposes of Pax Gold is to make gold more commercial since it is not easily divisible or flexible in terms of physical commodity transportation. For this reason, Paxos Standard decided to create a cryptocurrency fully backed by gold and started working in this direction. According to the official whitepaper, Pax Gold was created to allow investors to purchase small amounts of gold indefinitely via cryptocurrency, thus virtually eliminating minimum purchase limits for commodities.

Who are the Founders of Pax Gold?

Charles Cascarilla is the founder and CEO of both Paxos Standard and Pax Gold. Cascarilla offered advice to explore wide possibilities regarding cryptocurrencies, he has an extensive career in capital management. It is known that he founded Cedar Hill Capital Partners in 2005, after receiving a finance degree from Notre Dame University. These were the initial steps in a career in finance and capital management. Since 2005, Mr. Cascarilla has been involved in many traditional and blockchain-based venture capital projects.

What Makes Pax Gold Unique?

With the increasing number of ERC-20 tokens available for purchase, we see Pax Gold stand out as it is supported by an already established commodity. We can say that one of Pax Gold's main goals is to make gold investment more accessible. In the official statement, it states that “more than US$ 3.5 trillion of the total gold available today is used solely for investment purposes”; however, most of them state that it is not available for small investors. This is where Pax Gold comes into play. He stated that each PAXG token is backed by a part of London Good Delivery gold Bar stored in the gold vaults of Brink, a storage company approved by the London Bullion Market Association. By combining the security and liquidity offered by the blockchain-based cryptocurrency and the name of gold as a physical commodity, Pax Gold offers a new investment opportunity to investors. We can say that PAXG has inspired other cryptocurrency developers to create gold-backed tokens.