TMTG to Launch DeFi project Touch of Midas (TOM) Finance in Early November

Hong Kong-based virtual asset (cryptocurrency) service provider TMTG HK Enterprise Limited announced on Oct. 21 its plan to launch the DeFi project, Touch of Midas (TOM) Finance, in early November.

According to a TMTG official, TOM Finance will be released in two phases. Phase 1 will be available in mid-November, and Phase 2 will be updated early 2021.

After the launch of Phase 1, participants can stake LP tokens issued from TMTG-ETH, TMTG-LBXC on Uniswap on TOM Finance to receive mined TOM tokens. Staking refers to holding funds in a cryptocurrency wallet to receive rewards. The amount staked determines the amount of TOM token reward.

In the second phase, which will be available early next year, TOM Finance will implement its own DeFi DEX to enable swaps and provide DeFi products on the platform. At this point, a diverse range of DeFi products will be available on the platform, along with TMTG, LBXC, and ETH.

A TMTG official said, “There is no venture capital, nor private investments involved with TOM Finance. The project has no pre-mining or allocation and will only focus on creating a user-centric and transparent DeFi platform.”

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