Blockchain Platform to Allow Users to Trade Gold for Virtual Currencies

A company is creating an ecosystem where tangible assets such as gold can be traded for virtual currencies in a digital environment.

The platform, known as the Digital Gold Exchange says it has the goal of establishing a place where users can securely store their assets and trade with others "Quickly, safely, and without intermediary intervention."

Although gold is going to be a primary focus for the platform, DGE's white paper says the company eventually plans to expand to other precious metals including diamonds, platinum and white gold.

The company aims to make changing gold into tokens a fast experience, with conversion rates that are based on the official market prices listed on gold exchanges in South Korea and around the world.

Partnerships established Digital Gold Exchange says it has established partnerships with recognizable brands - and these agreements will result in a "Stable and reliable ecosystem."

According to the company, its first exclusive contract was signed in February with the Korea Gold Exchange 3M, the country's largest gold merchant.

The first is a utility token known as TMTG, which stands for The Midas Touch Gold.

Although this token is not pegged to tangible assets such as gold, it can be used for purchasing other cryptocurrencies on the Digital Gold Exchange.

Pegged to 1g of gold as a certificate, it can be traded to real gold at any time.

Finally, the platform tying these two tokens together is the Digital Gold Exchange, with a white paper describing it as having a "Pivotal role in the ecosystem."