Press Releases

Trading in CARAT Coins Is Launched on Hotbit Digital Asset Exchange

Group says it will purchase up to $120 million worth of diamonds to back up its diamond currency.

Published

6 years ago

September 26, 2018

INSTORE Staff

(PRESS RELEASE) Carats.io has announced that its diamond-backed CARAT coin is now being traded on the Hotbit.io digital asset exchange platform (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.

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