Paxos Gold (PAXG) is a crypto asset backed by real gold reserves held by Paxos, a for-profit company based in New York. Each PAXG token is redeemable for 1 troy fine ounce of gold custodied in vaults by Paxos and its partners, and its market value is meant to mirror the physical gold it represents. Paxos developed PAXG as a token on the Ethereum blockchain, meaning it can be exchanged for other crypto assets and secured by owners using cryptographic keys.