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Al Kasir Group Launches World’s First Diamond Backed Crypto Assets

Al Kasir Group Launches World’s First Diamond Backed Crypto Assets

 

 

 

 

 

 

 

 

 

Report By: RAVNEET SEHMI

PHOTOS BY SATINDER BHAMRA

On 15th April, officials, dignitaries and members of the fourth estate congregated at the world’s only 7 star luxury hotel – Burj Al Arab to witness the launch of Diamond Trading on Blockchain for the first time in the world, complete with three diamond backed crypto-assets in Dubai.

The Asian Weekly’s Ravneet Sehmi and Satinder Bhamra attended the innovative event that was organised by Al Kasir Group in a joint venture with the private office of HH Sheikh Ahmed Bin Obaid Al Maktoum, a member of the Royal family of the ruler of Dubai.

Along with this, Al Kasir Trading and Al Kasir Portal were formed to ease marketing and purchasing of the three crypto assets – Al Mas, Al Haqeek and Al Falah. These crypto assets range from a minimum of $250 to a whopping $250,000, against which certified diamonds by Indian Gemological Institute (IGI) will be given on completion of the Initial Crypto Asset Offering (ICAO).

The three crypto assets will have their unique exchange of assets, and will be flexible and interchangability of coins, trading against diamonds, precious gemstones and perfumes, oud, attar and bakhoor for added value.

“Block chain is the latest technology. When we speak about diamond trading, it is a tradition that has been going on for years. So basically, this is venture of traditional trade along with latest technology – block chain,” said Director Al Kasir Group Dr Amit Lakhanpal.

“Bitcoin and Ethereum are two major cryptocurrencies that have been dominating the cryptocurrency economy far longer than others. With the ability of utilizing bitcoin and ethereum for trading with these three crypto assets, the exchange will provide for smooth transitioning for crypto investors who are keen on these diamond backed crypto assets,” reads a press communique.

With the aim to open 1000 stores in the next one year across all major markets (like South East Asia, Europe, UK, Gulf countries, except Qatar), will make this the first time crypto assets will be available across the counter.

The company further announced the Pre ICAO commencement during which these crypto assets  can be purchased on the company’s online portal with a bonus in store. There will be three phases of the ICAO – before, during and after.

“In four years, we want to rule the diamond industry. We opted for block chain to promote our company by assets. We are not crypto currency. We are the first company in the world to launch a physical trade in along with a block chain technology. The end user will benefit with this,” he concluded.

At the press conference, the inauguration between the two parties saw an exchange of a majestic golden eagle showpiece as well as the wold’s first sale of the crypto-asset on Diamond Trading  blockchain.

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