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Sunday Dec 15, 2024
Thursday, 19 April 2018 09:00 - - {{hitsCtrl.values.hits}}
By Skandha Gunasekara
The world’s first diamond backed crypto assets were launched over the weekend in Dubai, by the Al Kasir Group, bringing diamond trading to the blockchain.
The Al Kasir Group, a joint venture between the Private office of Sheikh Ahmed Bin Obaid Al Maktoum – a member of the United Arab Emirates royal family; and Dr. Amit Lakhanpal an Indian entrepreneur specialising in blockchain technology.
Dr. Lakhanpal, in addition to being an expert in blockchain technology, is the author of the book “The World of Crypto Currency”, the founder and CEO of the Money Trade Coin Group, the Chief Managing Director of real estate development agency Flintstone Group while also being the founder of Flintbeats.
The Al Kasir Group last Sunday (15), launched three crypto assets at an event held at the iconic Burj Al Arab in Dubai, followed by the sale of the first crypto asset backed by diamonds.
The three crypto assets launched, namely Al Mas, Al Haqeek and Falah will be backed by diamonds, precious gems and precious perfumes.
While crypto currency, with its underlying blockchain technology, is becoming increasingly popular amongst individuals, financial institutions and Governments; its high volatility and instability have had a negative impact on investors.
The Al Kasir Group aims to offer an alternative to crypto currency by introducing crypto assets backed by tangible real world resources such as diamonds and precious gem stones.
The three crypto assets are designed to address the need of security, combining convenience of digital currencies with the stability of traditional assets.
The crypto assets will be traded on their own unique crypto-asset exchange with flexibility of trading directly in diamonds, precious gemstones and precious perfumes such as Oud, Bakhoor and Attar. Once converted into diamonds, it can be sold for the best price in USD or any other currency.
These three crypto assets can be traded on the Al Kasir Group online portal as well being made available in over a 1,000 stores worldwide, including Europe, UK, South and East Asia.
The company announced its Pre-Initial Crypto Asset Offering (ICAO) commencement during which these crypto assets can be purchased on the company’s shopping portal. Investors who wish to buy these crypto assets will have a variety of packages to choose from, ranging from minimum of $ 250 up to $ 250,000 against which the buyer will be given Indian Gemological Institute (IGI) certified diamonds of the same value after the completion of the ICAO.
Along with the diamonds the buyer will also get crypto-assets. These crypto assets can subsequently be used to physically procure a range of products like precious stones, perfumes, oud, Bakhoor and Attar from the company’s online shopping portal. The buyer can redeem only 50% of the product purchase value in crypto-currency and the remaining 50% will have to be made via currency payments for future purchases.
Public trading will commence from 21 to 24 August. The company aims to attract buyers from all social and economic segments.
