Israel Diamond Exchange to launch cryptocurrencies for dealers and investors

The exchange will add two new cryptocurrencies soon: Cut and Carat. Presale of the first one has started on February 5; its launch is scheduled for the coming weeks.

The new cryptocurrency is aimed at dealers. Carat will be issued a bit later for institutional and retail investors. The introduction of these two currencies is expected to make exchange operations more transparent and efficient.

Export of diamonds in Israel decreased by 12%, up to 15.5 billion dollars, in 2017. According to Israel’s Justice Ministry, the state diamond exchange is at a standstill now. Perhaps, it is caused by the small difference in the cost of polished and rough diamonds as well as the huge amount of unofficial exchange deals. Therefore, one has offered to create blockchain-based diamond cryptocurrencies for extra financing.

Cut and Carat will be one fourth backed by precious stones, which will positively affect the rate stability.

Find out more at Blockchain & Bitcoin Conference Israel!