Situated in the bustling city of Seoul, South Korea, DGE, a prominent developer in the blockchain space, has launched the beta services of its gold trading platform Digital Gold Exchange and its cryptocurrency exchange COINZEUS . Both of these platforms have been available to users since the end of 2018, closing out the year with a groundbreaking launch.
Kicking off 2019, DGE plans a significant collaboration with the Korea Gold Exchange. This initiative aims to broaden the portfolio options for local clients by intertwining the worlds of gold and digital currencies through blockchain adoption.
The process works as such: users provides an opportunity to buy both tangible and virtual gold leveraging the platform’s proprietary cryptocurrency, known as Midas Touch Gold (TMTG). After acquiring this digital currency, users can then trade it for real gold kept securely or for MDG, the digital equivalent that can be swapped back into physical form. Real gold ounces can also be exchanged for MDG.
A Testing Phase
CPO of DGE Ja E. explains:
“The trial service for DGEx and COINZEUS will prioritize the sturdiness of both platforms. Gold trading will be accessible to patrons who have fulfilled KYC and AML requirements. Additionally, we'll regulate the daily availability of gold. Updates on our company’s website will ensure users have access to a wealth of new information.”
Thomas Eom, the Chief Technology Officer at DGE, further remarked:
“After showcasing the platform on December 18, our confidence is high that it is ready for public use. The beta phase will help us fine-tune any glitches in the system, such as crypto-for-gold exchange mechanisms and reserve management.”
Why an Exchange Is Better Than Gold
He highlighted that this beta launch will assess blockchain independence and market stability through centralized management, core principles underlying DGEx.
The COINZEUS cryptocurrency exchange is expected to garner as much, if not more, interest than the gold initiative. Experts in the industry are crafting COINZEUS to ensure advanced development features, future scalability, and governance. They believe COINZEUS will hold its own against well-known exchanges like Binance and Coinbase. An advance registration campaign was even organized for eager customers, with sign-ups open between the 26th and 30th of December last year.
CEO of DGE Nathan Ryu explains:
“Numerous crypto and blockchain enterprises are struggling amid declining values of major digital currencies like Bitcoin and Ethereum. We anticipate our beta service could invigorate the crypto market.”
South Korea's Bond with the Cryptocurrency Sphere
This strategic move signifies substantial progress for a company, which only last year, had a stable connection with blockchain and digital assets. South Korea, a long-standing cryptocurrency and blockchain hotspot, once accounted for nearly a quarter of the global cryptocurrency transactions, with most tokens being traded above market value on local platforms.
Read: From Coinstack to Aergo: The growth of South Korea’s Enterprise Blockchain Arena
Regrettably, early 2018 saw challenges for the nation as two major trading platforms, Coinrail and Bithumb, endured cyber attacks, losing approximately $30 million and $40 million, respectively.
Furthermore, the nation's officials enforced a comprehensive ban on ICOs towards the end of 2017 due to worries about fraudulent schemes by some companies aimed at deceiving investors.
