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 Flamenbaum is a writer and social entrepreneur who dedicates her time to mission-driven projects that empower connection between the many diverse layers of our world. In 2014, she founded School of Shine as a value-based educational space for women who are tired of the ‘default life’ and crave personal freedom through self-expression for more purposeful living.

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