> For the complete documentation index, see [llms.txt](https://palpaw-token.gitbook.io/palpaw/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://palpaw-token.gitbook.io/palpaw/token/cexs.md).

# CEXs

**Centralized Exchanges**

A centralized exchange (CEX) is a platform owned and operated by a centralized entity that acts as an intermediary between buyers and sellers of digital currencies. These exchanges facilitate trading by matching buy and sell orders and earn profits through commissions and transaction fees. Following the launch of the PalPaw token and upon achievement of predetermined milestones, PalPaw tokens will become available for buying or selling through centralized exchanges.

For further understanding of centralized exchanges and their functionalities, please refer to the following resource:

* Wikipedia: [Centralized Exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange#Centralized_exchange)

This resource provides comprehensive insights into centralized exchanges, their operational mechanisms, and their role within the cryptocurrency ecosystem, enhancing your understanding of how the PalPaw token operates within both decentralized and centralized frameworks.


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