Imagine having digital currency which you can use to buy new kicks, pay a freelancer for a commissioned work, trade and invest, or when you want it, convert to gold.
That’s The Midas Gold Touch in a nutshell. TMTG is a Korean cyrptocurrency token backed by real gold reserves in Korea. It’s now in collaboration with Coinzip.co, an easy-to-use digital currency exchange, available here since September 2018.
During the launching of the collaboration in October, CEO of Digital Gold Exchange Nathan Ryu explained, “We at TMTG thought deeply about how virtual money could bring value to the everyday lives of many people.” The goal is simple: Establish an ecosystem with a virtual currency that has a value that can be directly traded for actual goods. TMTG is a utility token primarily meant to purchase digital gold, which is pegged with actual gold. Thus, it is associated with real assets.
Digital and tangible assets
On Coinzip.co, a global virtual money exchange, major coins such as Bitcoin, Ethereum, Litecoin, and now TMTG can be traded. Coinzip.co Representative Dennis Orellana explains the process and we break it down for you:
1. Have bitcoin! You can purchase your bitcoins online (Ex: Paylance) or get them over-the-counter (Ex: Moneybees)
2. Go to Coinzip.co where you can deposit your bitcoin in the trading platform.
3. Once in, you can purchase your TMTG.
4. Once you have your TMTG, you can get MDG (Midas Gold Token) through DGE (Digital Gold Exchange)
1 MDG is equivalent to 1 gram of real gold. If you decide to convert your digital currency, you can have it delivered to you wherever you are in the world.
Now, that is the goal of TMTG and Coinzip.co — people having tangible assets. “TMTG aims for a hyperconnected society and has worked hard to construct an ecosystem that achieves effective values of real assets through decentralized block chain.”, Ryu states.
Orellana elaborates, “The inherent value of cryptocurrency is the blockchain. In turn with TMTG and MDG, you have partnered a utility token with a commodity token… Your digital currency has its inherent value tied to actual gold. So you don’t have to worry that at any turn, your cryptocurrency is gone.”
Cryptocurrency in the Philippines
Philippines is the fifth market where TMTG is present, following two exchanges each in Hong Kong and Singapore. TMTG is also scheduled for launching in Japan, Switzerland, and the United States.
Ryu and Orellana believe the country is very open to financial innovations, thus spelling promise for cryptocurrency. In fact, the adoption of cryptocurrency has been growing rapidly over the past two years. Data from the Bangko Sentral ng Pilipinas show that trading volume between cryptocurrencies and the Philippine peso has been inching towards the $40-million mark in the first quarter of 2018.
But Orellana says, information dissemination is still a must. “Investments are always a gain of knowledge. If the public or investor is not informed, the tendency is they will lose their hard-earned money. The biggest thrust of the DGE is to make sure that knowledge is part of their marketing thrust. So all their users will know what they are getting themselves into.”
Digital currency in the creative industry
Filipino freelancers can take advantage of this cryptocurrency. TMTG can also be used as payment for services anywhere in the world. “Crypo can be applied to many things. One of them is payment. Everything has gone digital. You can use TMTG to pay freelancers. Because it will only take you a click of a button to transfer some value of money to the person who provided you service.”, Orellana tells adobo magazine.
