About

PAX Gold, by Paxos, is a digital asset backed by physical gold. Each token represents ownership of a fraction of an ounce of gold held in vaults. It aims to combine the liquidity and accessibility of digital assets with the stability of gold.

History

Paxos was founded in 2012 by Charles Cascarilla, Rich Teo, and Emil Woods. The company began as a Bitcoin exchange under the name itBit, later rebranding to Paxos in 2016. Paxos’ founders sought to digitize financial markets and infrastructure. Pax Gold (PAXG) was launched on Ethereum on Sep. 5, 2019, as a tokenized representation of gold. The New York Department of Financial Services (NYDFS) authorized Paxos Trust Company, LLC to offer this service the same day. PAXG was created to offer customers an investment vehicle that allows them to own gold by way of Ethereum. Stated advantages of tokenized gold over the physical commodity include divisibility, no storage fees, and near-instant settlement time.

From 2015 to 2019, Paxos Trust received regulatory approval from the New York Department of Financial Services (NYDFS) via the following milestones:

• In 2015, the NYDFS granted Paxos Trust its Limited Purpose Trust charter.
• In 2018, Paxos Trust launched the Paxos Standard token with regulatory approval from the NYDFS.
• In 2019, the NYDFS announced regulatory approval for the Pax Gold token.

In 2022, Paxos made notable advances in expanding its business offerings to international customers. This included (1) partnering with Mercado Libre, Nubank, and Picpay to offer PAXG to customers in Latin America, and (2) receiving approval from the Monetary Authority of Singapore (MAS) to offer crypto services in Singapore.