The Israel Diamond Exchange (IDE) plans to reveal two new cryptocurrencies created specifically for the diamond industry by startup CARATS.IO, the exchange said.
To introduce the concept CARATS.IO will host a seminar during the International Diamond Week in Israel (IDWI) on February 5 to 7.
“By cooperating with this innovative startup, we’re making diamonds a viable investment channel for a whole new market,” said IDE president Yoram Dvash. “This is important for the diamond sector in Israel and the world over. Israel’s high-tech know-how is a huge resource for our industry and we’re proud to play a pivotal role in heralding the next era of diamond trading.”
“One of the new coins, CUT (Carat Utility Token), will allow safe peer-to-peer transactions among diamond traders without financial intermediary assistance, according to Avishai Shoushan, founder and CEO of CARAT IO. The second, CARAT, will “open the diamond industry to a huge, largely untapped market of financial institutions and cryptocurrency investors,” Shoushan added. Both cryptocurrencies will be backed by diamonds purchased through the IDE.” Rapaport writes in a press release.