Paxos, a New York State Trust Company, issues PAXG tokens that are backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar stored in Brink’s vaults.
The underlying gold is held in custody by Paxos, with full ownership rights belonging to the token holder.
Paxos is bound by U.S. law to back PAXG tokens with mandatory capital reserves. The creators of Pax Gold launched the token as an ERC-20 token on the Ethereum blockchain. PAXG tokens can be traded worldwide, and are redeemable for LBMA-accredited London Good Delivery gold bars.
PAXG gold-backed cryptocurrency tokens have a market cap of around $32 million.
Paxos has its own simple and easy-to-use exchange where businesses owners and customers can exchange with one another with no transaction fees.