SEOUL, South Korea-headquartered Digital Gold Exchange (DGE) Co. Ltd. formally launched on Monday its The Midas Touch Gold (TMTG), a Korean cryptocurrency token backed by real gold reserves in Korea.
DGE is collaborating with Coinzip.co, an easy-to-use digital currency exchange. TMTG has been available on Coinzip.co since September, “giving users a safe ecosystem to use other
cryptocurrencies such as Bitcoin [BTC] and Ethereum [ETH] to buy, sell or trade TMTG on Coinzip.co,” the company said in a statement.
“We at TMTG thought deeply about how virtual money could bring value to the everyday lives of many people,” DGE CEO Nathan Ryu was quoted in the statement as saying. “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.”
Part of TMTG’s mission is to establish an ecosystem with a virtual currency that has a value that can be directly traded for actual goods. Coinzip.co was its partner of choice, which is a global virtual money exchange that 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, which is pegged with actual gold; as such, TMTG is associated with a real asset. With TMTG available on Coinzip.co, users will have a digital trade ecosystem that allows tangible resources, gold, to be easily traded for virtual money in a digital environment using a secure platform on a blockchain network.
“TMTG aims for a hyperconnected society and has worked hard to construct an ecosystem that achieves effective values of real assets through decentralized blockchain,” Ryu said. “Through our collaboration with Coinzip.co, we are able to expand our reach to a broader market, providing more users with access to an easy-to-use cryptocurrency exchange where TMTG can easily be bought, sold, or traded.”
In the Philippines adoption of cryptocurrency has been growing rapidly over the past two years. Recent data from the Bangko Sentral ng Pilipinas indicate that trading volume between
cryptocurrencies and the Philippine peso has been inching toward 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 purchase Digital Gold Bars, or to trade with other users. They can also be transferred to another user’s wallet.