PAX Gold Price (PAXG)

PAX Gold (PAXG) is a unique form of cryptocurrency that is backed by gold. Launched in September 2019 by the creators of Paxos Standard (PAX), PAXG operates as an ERC-20 token on the Ethereum blockchain. The primary objective of PAXG is to make gold more tradable, overcoming the challenges of the physical commodity, such as its lack of divisibility and transport flexibility. PAXG aims to allow users to acquire indefinitely small amounts of gold through the cryptocurrency, virtually eliminating minimum acquisition limits for the commodity. Each PAXG token is backed by a fraction of a London Good Delivery gold bar, stored in approved gold vaults.

PAX Gold operates on the Ethereum blockchain and is secured by the proof-of-work (PoW) model. Each PAXG token corresponds to an ounce of gold in storage, covered by the PAX Gold protocol. This means the number of PAXG tokens in circulation fluctuates frequently, mirroring the available gold supply for backing. While PAXG is primarily tied to Ethereum, it can also be launched on other blockchains. The token's unique structure combines the security and liquidity of blockchain-based cryptocurrency with the established value of gold as a physical commodity, providing a new avenue for users.

PAX Gold seeks to make acquiring gold more accessible. The token's whitepaper highlights that over USD 3.5 trillion of the total gold available today is used solely for acquisition purposes. However, a significant portion of this gold is out of reach for small-time users. PAXG aims to bridge this gap. By backing each token with a fraction of a gold bar, PAXG enables users to acquire small amounts of gold, making this precious metal more accessible. This approach has inspired other cryptocurrency developers to create gold-backed tokens, expanding the potential use cases for PAXG.

PAX Gold was founded by Charles Cascarilla, who also founded Paxos Standard. Cascarilla's extensive career in capital management led him to explore the possibilities offered by cryptocurrencies. After earning a degree in finance from the University of Notre Dame, he co-founded Cedar Hill Capital Partners in 2005, marking the start of his career in finance and capital management. Since then, Cascarilla has been involved in several traditional and blockchain-based venture capital projects. PAX Gold was launched in September 2019 with the goal of making gold more tradable and accessible to users.

We update our PAX Gold to USD currency in real-time. Get the live price of PAX Gold on Coinbase.

The current market cap of PAX Gold is $520.52M. A high market cap implies that the asset is highly valued by the market.

The all-time high of PAX Gold is $3,487.68. This all-time high is highest price paid for PAX Gold since it was launched.

Over the last 24 hours, the trading volume of PAX Gold is $7.71M.

Assets that have a similar market cap to PAX Gold include Livepeer, APENFT, Casper, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of PAX Gold is 199 thousand.