Gold-backed Korean cryptocurrency to add glitter to PH crypto trading scene

By Espie Angelica A. de Leon

The cryptocurrency trading scene in the Philippines, which has been thriving for the past two years, acquires a glittery sheen with the partnership between The Midas Touch Gold (TMTG), a Korean crypto token backed by real gold reserves in Korea, and global digital currency exchange Coinzip.co.

Officials of The Midas Touch Gold and Coinzip.co seal the deal during a media event at the Shangri-la at the Fort

The partnership was announced at a media launch on October 8 at the Shangri-la at the Fort in Bonifacio Global City in Taguig.

Statistics from the Bangko Sentral ng Pilipinas show that as of the first quarter of 2018, trading volume between the Philippine peso and digital currencies was nearing the $40-million mark.

The entrance of TMTG to the Philippine market may yet take these activities in the local crypto space to an even higher level.

Available through the blockchain-based platform Digital Gold Exchange (DGE) on Coinzip.co since September 2018, TMTG may be bought, sold, or traded using other digital currencies like Bitcoin. Investors can trade for as low as P1,000 worth of Bitcoin.

The business model includes the commodity-backed token Midas Digital Gold (MDG). Users or investors may opt to purchase MDG using their TMTG also via DGE.

According to Coinzip.co’s Dennis Orellano, one MDG is equivalent to one gram of gold. Therefore, the price tag of one gram of gold in the market is usually the price of one MDG as well.

This MDG may also be used to acquire real gold from the Philippines which may be delivered to any part of the world.

“TMTG aims for a hyperconnected society and has worked hard to construct an ecosystem that achieves effective values of real assets through decentralized blockchain,” said DGE chief executive officer Nathan Ryu.

“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.”

In addition, the TMTG ecosystem allows trade between cryptocurrencies and actual luxury goods.

According to Orellano, while they take compliance to regulations seriously to ensure security, blockchain also helps a lot in keeping transactions and contracts safe.

“We have a multi-layered security system that we have installed on the exchange that will make sure that your cryptocurrencies are secure,” he explained. “Add to that, the engineers behind the actual system for Coinzip.co have multiple decades of experience behind them.”

Orellano added that this is the perfect time for TMTG to be introduced to the country despite rising inflation as the Philippines is among Southeast Asian countries with the largest interest in trading, whether in stocks or forex.

“The appetite for traders to actually go into Coinzip.co exchange to purchase TMTG wouldn’t be as impacted by inflation I would say,” he said. “Also, during times of high inflation, people would usually tend to move to actual tangible assets like gold [which has] a more steady price in the market.”

He noted that the Philippines is also open to financial innovation which pushed them to invest in the country in the first place.

TMTG’s foray into the Philippine market marked its third outing, following its launch in Hongkong and Singapore. TMTG is also set to launch in Switzerland and the United States in the coming months.

Comment on this post