CEDEX, a blockchain based trading platform has recently announced that it has managed to secure a supply of 6000 plus diamonds pieces in anticipation of its diamond exchange-traded fund (ETF) launch.
CEDEX Secured Over $50 Million Worth of Diamond
In an official announcement made by the platform, it was revealed that the said diamonds are estimated to worth over $50 million. The diamonds will help provide traders using the platform with several investment options while waiting for the Diamond ETF.
This Diamond ETF which is in development is going to be the first of its kind by a blockchain company. Regarding how it was able to come up with this solution where others have failed, CEDEX made it clear that it made use of blockchain tech and a proprietary algorithm which it has been working on for quite a while. The combination of the technology helped it overcome several hurdles such as lack of transparency, liquidity and fungibility which has hindered diamonds from becoming a tradable asset class like silver or gold.
CEDEX also confined that it raised $20 million in March 2018 to develop its platform.
The Native Token
CEDEX which was launched in beta in November 2018 also has its own native crypto— CEDEX Coin. The coin is an ERC-20 coin, which is in compliance with necessary regulations. This means the coin can be listed on any Ethereum based DEX. The exchange also revealed that the token will be used by its customers to “trade in diamonds of different sizes and values with “low” carrying cost,”
CEDEX co-founder and CEO, Saar Levi, has also made some comments regarding the platform’s latest venture.
He stated that:
“The vast inventory available combined with CEDEX unique technology opens up for traditional and digital markets the opportunity to develop financial instruments that will initially create the liquidity needed to jump-start our vision – transforming diamonds into a new asset class.”
“Bridging the gap between existing financial markets and the diamond industry will fuel this untapped market from a $90 billion industry to an estimated $300-$400 billion,” Levi added.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT
Send Tip now!