OKEx, a bitcoin and ethereum futures exchange, has listed The Midas Touch Gold (TMTG), the ecosystem token of Digital Gold Exchange (DGE), with trading pairs against USDT and BTC.
TMTG spot trading will open from 07:00 UTC on 24 June, 2020. The deposit and withdrawal of TMTG will be available from 07:00 UTC 19 June, 2020 and 09:00 UTC 24 June, 2020 respectively.
TMTG was issued by DGE in 2018 as a bridge between traditional assets and cryptocurrency. In 2018, DGE signed an exclusive agreement with Korea Gold Exchange 3M, allowing TMTG holders to buy digital gold tokens, which can be redeemed for physical gold on the largest gold trading company in South Korea. The conversion between cryptocurrency and real assets is also expected to expand to other assets in the future, such as other precious metals and luxury goods, to demonstrate higher practicality.
“Different from some companies that have issued cryptocurrencies without actually considering use cases, TMTG could bring true value to users. Besides, we are pleased to witness the combination of cryptocurrency and traditional safe-haven assets, which is an exciting development direction,” says Jay Hao, CEO of OKEx. “We are looking forward to the day that blockchain and cryptocurrencies bring real value and applications to the public. We will also continue to adhere to a strict audit system to provide market and liquidity support for high-quality projects.”
As a representative of cryptocurrency, despite the controversy, Bitcoin still shows a similar value storage function as gold to a certain extent. However, even though cryptocurrency has received more and more attention to the development of the industry, it seems to encounter a bottleneck in closing to gold in terms of obtaining public consensus and traditional institutional recognition.
DGE and TMTG opens up other possibilities for blockchain. TMTG can be regarded as a blockchain application that combines the advantages of blockchain technology, such as security, convenience, and traditional value storage and hedging functions, to reshape the traditional concept of value storage.
“We have great hopes for TMGT, it can open up a new direction of value storage and promote crypto mass adoption,” says Jay Hao.
