(IDEX News) - A Singapore-based company called D1 Mint will buy $20 million worth of diamonds to support its new cryptocurrency coin.
D1 Mint is acquiring 1,500 investment-grade diamonds that were cut and polished KGK Diamonds. The rough goods were supplied by Russian mining Alrosa.
The diamonds will be certified, laser-inscribed and packaged by the GIA in New York, and then deposited in secure vaults in Singapore and Switzerland.
The D1 Coins will enable users to select certain diamonds from the reserve and convert their tokens into diamonds at a fixed price set by a proprietary pricing algorithm called the D1 Matrix.