An offline and online way of trading gold currency has reached the Philippine shore. The Midas Touch Gold or TMTG uses blockchain technology to create an environment for exchanging fiat to digital currency and vice versa, or other tangible goods such as currency option in shopping online.
A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a merkle tree root hash). – Wikipedia
The launch in the Philippines was graced by no less than the CEO of Digital Gold Exchange Nathan Ryu and Coinzip.co, a cryptocurrency exchange, representative Dennis Orellana.
According to TMTG, this Korean cryptocurrency token backed by a real gold reserve in Korea, in collaboration with Coinzip.co has been live and ready for trading since September 2018.
Users can register to Coinzip.co and use Bitcoin (BTC) or Ethereum (ETH) to buy and sell TMTG.
“We at TMTG though deeply about how virtual money could bring value to the everyday lives of many people.” said Mr. Nathan Ryu, CEO of Digital Gold Exchange (DGE). “As a result of our extensive research, we decided to focus on Gold, which is widely used and recognized globally as a monetary and poperty assets”, Ryu added.
To establish an ecosystem with 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 major coins such as BTC, ETH, BCH, LTC 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.
Cryptocurrency in the Philippines
The adoption of cryptocurrency in the Philippines has been growing rapidly over the past two years. The recent data from the Bangko Sentral ng Pilipinas indicate that trading volume between cryptocurrency and the Philippine peso has been inching towards USD40M mark in the first quarter of 2018.
Users who buy TMTG token through Coinzip.co can then be used on the Digital Gold Exchange (DGE) platform to purchase Digital Gold Bars or trade with other users.
Like any other cryptocurrency, TMG can also be transferred to another user’s wallet.
This article first appeared on Tech Patrol.