PAX Gold (PAXG) is a token backed by physical gold, issued by Paxos Trust Company and regulated by the New York State Department of Financial Services. Each PAXG token represents one fine troy ounce of London Good Delivery gold held in vaults in London. This gives holders a way to own gold in digital form, without arranging storage or insurance themselves, and to hold fractions of an ounce. PAXG can be transferred on the Ethereum blockchain at any time of day, and holders can redeem it for physical gold bars, subject to Paxos's conditions and minimums. Launched in 2019, PAXG tracks the price of gold, so its value can rise and fall with the gold market.