Israel Diamond Exchange to Issue Two Cryptocurrencies

February 9, 2018

World largest diamond exchange Israel Diamond Exchange is developing two own cryptocurrencies. The exchange hopes that these digital currencies will make jewelry trading more transparent and safe. 

These coins will be named Cut and Carat.

Cut will be a decentralized p2p-cryptocurrency available exclusively for dealers. Each transaction will be proceeded on blockchain within a few minutes and identities of users will be classified. Although, the exchange says that it will disclose this information upon official request from regulators.

Cut pre-sale has started this Monday. CEO of CARAT.IO, a company which develops Cut, Avishai Shoushan said that the cryptocurrency will be available within several weeks.

Second cryptocurrency, Carat, is meant for retail investors who want to enter the diamond market without owing actual diamonds in a physical form.

25% of values of both cryptocurrencies will be backed with diamonds. Developers believe, that this will make these tokens more stable and will help to avoid excessive volatility, that is typical for most of other cryptocurrencies.

In December it was reported that Israel central bank examines a possibility of creating its own cryptocurrency to reduce amount of cash in country's economy as well as to increase the speed of transactions.

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