BUSINESS TECH | Backed by real gold, you can use this cryptocurrency for luxury items
Heads up, cryptocurrency enthusiasts! Cryptocurrency The Midas Touch Gold (TMTG) is keen on dominating the Philippine trading market, with goals on climbing up to the Top 5 cryptocurrencies in the market. TMTG differentiates itself from other cryptocurrencies by being backed by a tangible asset — gold.
TMTG aims to establish the digital currency as a utility token that may be used to purchase actual goods. Globally, they are working on global partnerships with luxury brands so that TMTG may be used to buy high-end items like watches, jewelry, and designer brands. TMTG currency holders may even avail of special discounts. It may also be used by overseas workers to send money home.
“We at TMTG thought deeply about how virtual money could bring value to the everyday lives of many people,” said Nathan Ryu, CEO of Digital Gold Exchange (DGE). “We decided to focus on gold, which is widely used and recognized globally as monetary and property asset.”
DGE is the online platform where users may use TMTG and exchange it for digital gold bars, or to buy MDG tokens, which is valued at the current price of 1g of gold. Users may opt to convert their digital assets to real gold. The Korean Gold Exchange – biggest in Korea – provides the gold reserves for DGE.
As a means for cryptocurrency trading, TMTG has been available for trading on Coinzip.co since September 2018, giving users a safe ecosystem to use other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETC) to buy, sell, or trade TMTG.
“The Philippines has one of the bigger appetites in trading. “This translates into cryptocurrency as well,” said Dennis Orellano, Coinzip representative, when asked why the Philippines is one of the first to launch TMTG, while currently making its the rounds in other countries like the United States, Switzerland, Hongkong, and Singapore.
The Filipino appetite for trading transcends the current rise in inflation, Orellano added. “In times of high inflation, people gravitate towards trading with actual assets like gold. So the launch of TMTG is very timely.”
How does one start trading with this shiny, new cryptocurrency? First, buyers must acquire cryptocurrencies like BTC or ETC from buy and sell platforms like Abra.com. Then, they can trade their digital coins for TMTG in Coinzip.co, where the newcomer currency is available.
“Anyone can get into it. You can even start with a capitalization of P1,000,” Orellano said as he encourages Pinoys to trade in cryptocurrency.
The time TMTG went into Initial Coin Offering (ICO), it allowed 2 million coins in circulation. Today, the cap is 100 million coins.