Diamond Exchange announces new currency

The Israel Diamond Exchange (IDE) has announced intentions to launch a new form of virtual currency, the Carats.IO Diamond Currency, which will be backed by diamonds.

The IDE penned an agreement with startup company Carats.IO—owned by Gabriel Diamant—that has developed the technological infrastructure for trading the coin while using IDE data.

Virtual currency have become rather widespread over the past few years, and just recently it was announced six major banks—including Credit Suisse, Barclays and HSBC—will come together to produce their own virtual currency in 2018.

IDE President Yoram Dvash hopes their new currency will be considered an attractive avenue of investment even for people outside of the diamond trade.

Read More: https://www.ynetnews.com/articles/0,7340,L-5013838,00.html

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