For the first time, blockchain technology would now be used in the trading of diamonds with the Al Kasir Group announcing the launch with three Diamond-backed Blockchain-Assets.
These Blockchain Assets are based on Blockchain Technology and are stored in Digital Wallets that are secured via One Time Password (OTP) verification on registered mobile number and email verification.
Al Kasir Group is a joint venture between Amit lakhanpal and Private office of Sheikh Ahmad Bin Obaid Al Maktoum. lakhanpal, founder and CEO of the Money Trade Coin Group, is also the author of the book "The World of Crypto Currency" and Chief Managing Director of real estate development agency Flintstone Group and the founder of FlintBeats, an event agency founded in 2015.
lakhanpal said for the first time ever, the world would experience a set of three Blockchain-assets backed by IGI certified real diamonds. Being backed by a real-world Asset, these three Blockchain-assets are better capable to store and translate value due to a base measure or gauge around which their value revolves.
He said diamonds are an ideal asset backing for Blockchain-assets since they are rare, taking a billion years to develop, have several millennia of history as a recognized store of value, and are small and therefore easily stored and transported. "The three Blockchain-assets are designed to seamlessly address the need of security, combining the convenience of digital currencies by being utilized as Blockchain-assets with the stability of traditional assets," he added.
The Company is offering Storage facility for Blockchain-Assets on Blockchain for a period of 25 years with plans to extend the services further.
This is the first time that Blockchain-assets will be available for purchase across the counter as the company aims to open 1000 stores across the world for this in all major markets including South-East Asia, Europe, UK and Gulf Countries.
lakhanpal said the Blockchain-assets being offered along with the Diamonds can subsequently be used to physically procure a range of products like certified real Diamonds, Precious Stones, Perfumes, etc.
Value of asset will fluctuate based on the Demand and Supply on Company's Exchange which will be open to the general public as well. "This is a secured investment as it is limited in stock and limited to the amount of Diamonds available. Moreover, it is a better wealth-storage option when compared with Cryptocurrency, Shares, Derivatives, UlIPs, Govt. Bonds, Gold and Silver," lakhanpal added.
Officials of the company added that the Blockchain-Assets are freely transferrable from one holder to another over the Blockchain Platform and buyers can take advantage of this option for gifting or simply transferring Redemption Value to others.
Public Trading will commence in the last fortnight of August this year, the company said in its statement.