PAX Gold (PAXG) is a cryptocurrency that is indexed to the price of gold. Investors can buy and sell this stablecoin as if they were buying and selling actual gold provided by London Good Delivery. The company behind PAXG, Paxos Standard, holds an equal amount of gold in reserve for each token it issues. It is known that every PAXG holder has an equivalent amount of gold stored in Paxos Standard’s vaults.
Paxos Standard introduced PAX, a stablecoin, to the market and later launched PAX Gold, which eliminated the disrupted supply chain due to the Coronavirus pandemic, at a time when institutions wanted to speed up their gold purchases. Buying physical gold normally requires a smooth supply chain and entails significant transaction fees and processes. However, by purchasing PAXG, investors can overcome these obstacles and indirectly own gold.
According to current data, the total market value of PAX Gold is over $78 million. PAXG ranks 118th in terms of total market value and has a total supply of 42,200. This means that Paxos officials have reserved 42,200 ounces of gold for PAXG tokens. PAXG has seen a trading volume of $1.5 million in the last 24 hours.
Crypto.com is a cryptocurrency exchange where you can buy PAXG Coin. To purchase PAXG Coin on Crypto.com, you first need to transfer Tether (USDT). Then, go to the Exchange section, click on the USDT markets tab, search for PAXG, and select the PAXG/USDT trading pair. Determine the amount of PAXG Coin you want to buy, click on the Buy/Sell section, and place your order on the market. If someone is willing to buy at the price you want to sell, your order will be executed, and the PAXG Coins will be added to your wallet.