28 November 2018: TechFinancials a listed fintech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients, is pleased to announce that the CEDEX blockchain diamond exchange, CEDEX, has gone live in Beta mode, allowing investors to trade diamonds as a financial asset class. TechFinancials has a 2 percent interest and an option to acquire a further 90 per cent of Cedex Holdings Ltd, the holding company for the CEDEX blockchain-based online exchange for diamonds which would give TechFinancials up to 92 % of CEDEX or 87.4 % on a fully diluted basis.
TechFinancials has played a major role in the launch of CEDEX as the main provider of the infrastructure, blockchain and smart contract development on which the CEDEX platform is built.
CEDEX allows investors to securely and easily trade in digitized diamonds (DDC – Digital Diamond Certificate), while enabling diamond holders to liquidate their assets. Using the innovative DEX proprietary algorithm and blockchain technology, CEDEX has overcome the three main obstacles that have prevented diamonds from becoming a tradable asset class: lack of transparency, liquidity and standardization.
In order to overcome these obstacles, CEDEX has focused on the following activities over the past six months:
· Developing the proprietary DEX algorithm and building the diamond commodity exchange in conjunction with TechFinancials;
· Establishing business relations with diamond dealers in order for them to supply the initial diamond inventory on the CEDEX platform, which will comprise over 2000 diamonds in specific categories, at the time of the launch;
· Constructing the complex logistic business solution to support the product launch, including setting up business relations with custodians, GIA (Gemological Institute of America) and shipping partners;
· Obtaining the legal approvals to offer the phase one product worldwide.
Asaf Lahav, Chief Executive Officer of TechFinancials commented: “We are delighted to have played a pivotal part in the launch of the first blockchain-based diamond exchange in the world. This milestone achievement is testament to the innovative capabilities of both CEDEX and TechFinancials to build a new, groundbreaking platform and we look forward to updating the market on its progress in due course.”
Saar Levi, Chief Executive Officer of CEDEX stated: “This is a major step forward in our exciting journey to transform diamonds into an asset class. At CEDEX, we are committed to realizing our long-term vision in which both institutional and individual investors will be able to trade diamonds as one of the leading commodities.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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