Korean firm launches crypto-gold exchange
How can virtual money bring tangible value to cryptocurrency investors?
Digital Gold Exchange (DGE), a South Korea-based electronic gold exchange, is bringing gold-based virtual currency in the Philippine market. The company yesterday launched The Midas Touch Gold (TMTG), a Korean cryptocurrency token backed by real gold reserves in Korea.
“We at TMTG thought deeply how virtual money could bring value to the everyday lives of many people,” DGE CEO Nathan Ryu told a press conference Monday at the Shangri-La at the Fort in Taguig City.
“As the result of our extensive research, we decided to focus on gold, which is widely used and recognized globally as monetary and property assets.”
DGE also announced its partnership with Coinzip.co, a digital currency exchange, to give users a safe ecosystem to use other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) to buy, sell or trade TMTG on the platform.
Ryu explained their goal is to establish an ecosystem with a virtual currency that has a value that can be directly traded for actual goods.
Coinzip currently trades the major coins such as BTC, ETH, Bitcoin Cash, Litecoin and now TMTG.
TMTG is a utility token primarily meant to purchase digital gold, DGE’s Midas Digital Gold (MDG), which is pegged with actual gold.
Thus, TMTG is associated with real asset, Ryu said.
With TMTG available on Coinzip.co, users will have a digital trade ecosystem that allows tangible assets such as gold to be easily traded for virtual money in a digital environment using a secure platform on a blockchain network.
In the Philippines, adoption of cryptocurrency has been growing rapidly over the past two years. Recent data from the Bangko Sentral ng Pilipinas showed trading volume between cryptocurrencies and the Philippine peso has been inching towards the $40-million mark in the first quarter of 2018.
Users who acquire TMTG tokens through Coinzip.co can then be used on the DGE platform to buy digital gold bars, which can be exchanged with real gold bars by DGE, or trade with other users. The TMTG ecosystem allows trade between virtual currency and actual goods.