Trade CARAT coins on Hotbit
Holders
of the digital coin are able conduct currency transactions,
As
well as redeem their value in physical diamonds
Carats.io
has announced that its diamond-backed CARAT coin is now being traded on the
Hotbit.io digital asset exchange platform- https://www.hotbit.io/exchange?symbol=CARAT_BTC,
with promising volumes of trade that are increasing from day to day.
Carats.io
said that it selected to launch its currency on the Hotbit platform because of
the crypto-exchange's strong presence in the Southeast Asia markets, which is a
region in which it has focused attention for its CARAT coin.
The
company said the decision to initiate active trade in CARAT coins at this
juncture was taken to enable members of the international diamond and jewelry
sectors to receive liquid digital assets in exchange for diamonds they sell.
The move is part of a multi-stage plan to provide members of these sectors with
an inherently stable currency in which they can conduct their business, while
at the same time supplying a non-volatile cryptocurrency alternative to other
investors in the digital currency markets.
The
company noted that the volatility of the CARAT coin, which is linked to the
Diamond Financial Index (DFX), reflecting real time prices in the diamond
market, is a low 5% per annum, compared to gold, which on average shows price
volatility of about 20% per annum.
"Given
the across-the-board contractions seen in recent months in the highly volatile,
non-backed digital currencies, there is today increased demand for
strongly-backed digital currencies, which will support stable and developing
economies," said Eli Avidar, President of Carats.io.
"Our
company and our diamond-backed currency are currently attracting significant
attention in Southeast Asia, because diamonds are seen as an effective bulwark
in the escalating trade war between the United States and China. Asians are
looking for stable currency alternatives that are not dependent upon the U.S.
dollar."
On
August 8, Carats.io announced that it has signed an agreement with IDEX
International Diamond Exchange, the world's second largest diamond trading
platform, according to which it would purchase up to $120 million worth of
diamonds, to back up its diamond currency. In addition, the
company has reported that Carats.io was selected by IDEX to provide the
know-how that will transform it into the first digital diamond trading platform
fully backed by Blockchain technology.
Carats.io has stressed that the purchase
any CARAT coins will be possible only on digital exchanges that meet the
minimum financial requirements of KYC and AML protocols, or through the sale of
diamonds from approved and recognized dealers who comply with all responsible
financial standards.
Comments
Post a Comment