London-based blockchain project Carats.io and Diamond Crypto Exchange IDEX have entered into a partnership, under which IDEX will support the startup acquire diamonds to back its CARAT coin. According to the memorandum of understanding (MoU), the IDEX and Carats.io have recently signed the agreement where, IDEX will act as an escrow, or a neutral third party, for the start-up, supporting it with the purchase of diamonds and the process of transporting them from the source to the vault.
The stones will originate from enterprises that operate on the International Diamond Exchange (IDEX), in countries which prohibit crypto-diamond trading. Initially, the agreement includes acquisitions worth up to $120 million. The two companies will also share data and work together to develop investment options built on Carats.io’s own cryptocurrency.
Carats.io chief product officer Gabriel Diamant stated that this diamond crypto exchange IDEX will let a diamond trader, with the press of a button, to finish the complete procedure of getting a loan with actual money against the value of his diamonds. In exchange for these diamonds, users will receive the same value in CARAT tokens.
An ERC-20 token pegged to the value of diamonds, CARAT can be used to buy jewelry online and offline. This means that users can purchase CARAT coins with ETH, USD or EUR and then redeem them for diamonds. Carats.io, in turn, buys the precious stones from the Israel Diamond Exchange. According to Carays.io president Eli Avidar, the important thing about the CARAT token is that it is not a normal cryptocurrency, but it is the second biggest platform of its type in the world.
As per news revealed in Cryptovest, at present, this diamond crypto exchange IDEX is the go-to exchange for 7,000 professional diamond traders. They also serve 1,500 diamond supply companies. They are holding 888,000 diamonds in the online pool, which is getting very close to a full million.
The post Diamond Crypto Exchange IDEX Agrees To Support Carats.io Blockchain Project appeared first on OWLT Market.
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