Crypto derivatives exchange FTX has added Paxos' gold-backed futures contracts to its platform.
Paxos launched PAX Gold (PAXG) in Sep. 2019 to lure more investors into the digital trading space. According to the company’s website, each PAXG token is backed by one troy ounce of gold bars stored in London vaults. Users can trade PAXG against dollars on Paxos’ exchange, itBit, as The Block previously reported.
The new listings on FTX let users trade PAXG as perpetual and quarterly futures contracts, Paxos announced Tuesday in a press release. FTX is managed by cryptocurrency liquidity provider Alameda Research.
Data gathered by CoinMarketCap shows that PAXG saw roughly $542,000 in adjusted 24-hour volume, with the vast majority of that figure occurring Bithumb in a PAXG-USDT market.
Editor's Note: This article has been updated to reflect that Alameda Research, not Alabama Research, operates FTX.