PAX Gold (PAXG) is a gold-backed, ERC-20 based crypto asset issued by Paxos. Being ERC-20 based means that PAX Gold can be integrated into all services, exchanges, and wallets that adopt the Ethereum protocol.
Each PAX Gold token is backed by one ounce of a 400-ounce London Good Delivery gold bar stored in Brink's vaults. Moreover, a nationally rated expert confirms on a monthly basis that the PAXG tokens and the amount of gold are of equal value. Traders who buy PAX Gold will also own the physical gold stored by the Paxos Trust Company.

Traders can use their PAX Gold tokens with Paxos and receive their equivalent value in US dollars. If a trader owns more than 430 PAX Gold tokens, they also have the option to redeem them for gold bars.
Paxos states that the reason for issuing PAX Gold is due to the difficulties in trading, transporting, and dividing physical gold. The company expresses that the main purpose of the PAX Gold project is to bring physical gold investments to the modern day using Ethereum.
It is also thought that the issuance of PAX Gold will increase gold-crypto liquidity. This effect is expected to facilitate the development of various financial products through PAXG tokens.

The primary use of PAX Gold is to eliminate the necessity for traders to physically store gold, allowing for the purchase and storage of digital gold tokens instead.
PAXG can be converted into gold money, and it allows for different uses such as exchanging gold for other virtual assets and sending PAX Gold tokens anywhere in the world.
Paxos offers a competitive fee structure for the creation and use of PAX Gold tokens in the Paxos wallet. This enables transactions at extremely low commission rates.

Unlike other cryptocurrencies, PAX Gold (PAXG) does not undergo mining or production. All circulating PAX Gold values are released to the market in a manner equivalent to the amount of gold held in the company's vault. The company has introduced a total of 34,655 PAX Gold to the market, all of which are in circulation.
The company, stating that it holds the equivalent amount of gold for every PAX Gold in the market, therefore does not allow the mining of this cryptocurrency.

Contrary to what might be thought, buying PAX Gold with Turkish Lira in Turkey is very easy and fast. You can buy PAX Gold without any technical knowledge or official documents.