Two new platforms designed to let users convert gold into crypto assets and vice versa are gearing up for launch. Blockchain developer DGE announced the beta launch of its gold trade platform Digital Gold Exchange (DGEx) and cryptocurrency exchange COINZEUS.
The DGE or Digital Gold Exchange is an electronic gold exchange that has signed a supply agreement with Korea Gold Exchange 3M to give users the ability to exchange between cryptocurrency and gold. Users on the platform will be able to trade directly with each other on a simple platform that plans to expand far past that of gold, to other metals and gems like white gold and diamonds.
The Korea Gold Exchange will secure the supply of digital gold on the DGE platform using the platform token TMTG, which stands for The Midas Touch Gold. The token can be converted to actual gold and uses blockchain to create an environment to buy or store gold.
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With the beta release, users will be able to try out the exchange’s trading, deposit, and withdrawal interface, among other features. Consumer feedback will then be incorporated into the final beta version, which will use real digital currencies such as Bitcoin, Ethereum, and other major coins.
No word on regulation
However, the company didn’t mention what regulations may have to be met or licenses acquired for the platform to launch on a large scale, or how the platform could be implemented in countries with strict money transmitter laws.
Commenting on the news, CPO 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.” He also added, “The company homepage is being renewed and the new homepage will provide more useful information for the users.”
Thomas Eom, CTO of DGE, added: ” The beta service period will be an opportunity for us to improve any glitches on the system such as crypto-to-gold exchange device, reserve control, and etc. DGE has completed its patent application on “Blockchain based Reserve Control System” in the U.S., Singapore, Mainland China, Japan, and Hong Kong in October.”