The South Korean electronic gold exchange Digital Gold Exchange(DGE), executed the beta launch of a gold trading platform and a cryptocurrency exchange, as reported by FinanceMagnates on 02 January 2019.
The two platforms are christened Digital Gold Exchange(DGEx) and COINZEUS. These deals made it through to the general public on 31 December 2018.
DGE announced that its primary intention with these two businesses was to allow users to convert crypto assets to gold and converse. The DGE has signed an agreement with Korea Gold Exchange 3M to give users the facility to exchange between cryptocurrency and gold.
JA.E, Chief Procurement Officer of DGE said:
“The open beta test service of DGEx and COINZEUS will focus on stability of the two platforms. Gold exchange will be authorized to users who have completed KYC and AML procedures. We will also limit the daily maximum gold supply. The company homepage is being renewed and the new homepage will provide more useful information for the users.”
Thomas Eom, CTO of DGE confidently mentioned that since the platform demonstration on December 18, he believes that the platform is ready for the general masses. Eom provided insight that such pilot programs help to identify potential bugs in the system related to gold/crypto exchange.
Eom also stressed the importance of the beta service is to promote self-governance of blockchain and foster market sustenance. These principles are also important for DGEx.
According to their official website, DGEx is an online trading platform that enables the purchase of gold and Midas Digital Gold (MDG) using the platform token TMTG (The Midas Touch Gold). Users would be required to buy TMTG and then exchange it with MDG, which can be converted to actual gold.
Likewise, DGE’s own cryptocurrency exchange, COINZEUS is expected to do well in the crypto community. COINZEUS is being developed by seasoned experts who are well aware of the aspects of governance, feasibility and scalability.
Nathan Ryu, CEO of DGE added a comforting vision that in the trending bear scenario when several crypto firms are facing severe hardships, they need something to encourage them. He concluded that the beta endeavor would ‘stimulate’ the market.
We definitely endorse such bold moves as a turning point in the crypto domain. However, such ventures should not overwhelm the user, in contrast, the facility should be ‘lean-and-mean’.