Diamonds are Going Digital

in Economy & Innovation

A new digital currency is hitting the market, and its being backed by the Israel Diamond Exchange, or IDE, located in Ramat Gan, Israel. The Diamond Exchange is collaborating with a new digital currency startup, Carats.IO, which has created an updated framework for trading digital coins, backed by diamonds and based on Diamond Exchange data.

The digital coins will aim to bring an increase in investors into the current diamond sector, and the currency value will be based solely on investments made within the Israel Diamond Exchange. By the IDE collaborating with an external source like Carats.IO, it could be what the diamond market needs to boost its financial foundation.

The digital currency will likely launch in Switzerland in about 3 months, says the current company website with no other information besides the countdown clock ticking down.

Given the recent uptick of digital currency, as well as the future of banking going digital, the IDE is rolling out a new idea to create buzz around the most valued stone in the business, the diamond. With 800 currencies in the world, only a handful of them are valued based on materials. In this case, diamonds may be an investor’s new best friend.

Based in the startup city of Tel Aviv, Zo is a hippie entrepreneur who is professionally passionate about wellness, wisdom, women, writing, and chocolate croissants. By day, she works as a creative consultant, and by heart, she founded School of Shine a positive resource and community for spirited women who aspire to live happier and healthier every day.

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