Introduced by the creators of Paxos Standard (PAX) in September 2019, Pax Gold (PAXG) is a cryptocurrency backed by gold. As an ERC-20 token functioning on the Ethereum blockchain, it is tradeable across numerous exchanges, making it a convenient entry point for those interested in gold investment.
Pax Gold was designed to enhance the tradeability of gold, addressing the challenges posed by the physical commodity’s indivisibility and transportability. This was the motivation behind Paxos Standard’s decision to develop a cryptocurrency entirely supported by gold. As outlined in the official whitepaper, Pax Gold enables investors to purchase minute fractions of gold through its platform, effectively eliminating the minimum purchase thresholds traditionally associated with the precious metal.
