TMTG (The Midas Touch Gold), which attracted great attention from the cryptocurrency enthusiasts as the price soared up 20 times this year, was listed in the futures market for the first time in the industry first on the 24th of September at MCS (MyCoinStory) the global cryptocurrency derivatives exchange.
TMTG (The Midas Touch Gold) is a physical gold-based project token operated by TMTG Enterprise HK Limited, a blockchain specialized firm based in Hong Kong. TMTG can be used to purchase TG tokens that can be exchanged for physical gold on the digital gold trading platform TGXC, which has been previously agreed upon with the Korean Gold Exchange. In recent years, it has been increasing its value through various strategies such as securing liquidity through buybacks and burns.
MCS (MyCoinStory), which introduced TMTG futures, is a next-generation cryptocurrency derivatives exchange based in Singapore that provides up to 100x leverage. MCS is also well known for its internal quant team as well as for providing financial enterprise-grade security and high quality customer support.
The TMTG futures contract launched on MCS supports up to 20x leverage where traders can place up to 20 times the traders’ capital holdings and provides a system that allows users to trade on either sides of the trade including short selling. As a result, traders who have desired to enter long or short trades on exchanges that have already listed TMTG like Bithumb or OKEx can quench their thirsts with MCS.
A TMTG official said, “Prior to the launch of TGXC, we are pleased to launch TMTG futures for the first time at MCS, which is received great interest from the global cryptocurrency traders this year. It will provide TMTG traders with an opportunity to use a wider variety of trading strategies such as hedging."
Another TMTG official said, "The launch of TMTG futures in the cryptocurrency derivatives market where only major cryptocurrencies are listed demonstrates that TMTG has been recognized as a major cryptocurrency." In order to revitalize the trading platform TGXC (Touch Gold Exchange), we will secure the maximum liquidity of TMTG by capitalizing TMTG derivatives trading as well as additional listing on global exchanges.”
As TMTG continues to enjoy favorable news such as steady burns and listing on global exchanges, many are keeping an eye out on what changes the futures contract listing on MCS will bring to TMTG.