Israel to Launch Diamond Cryptocurrencies

RAPAPORT... The Israel Diamond Exchange (IDE) plans to reveal two newcryptocurrencies createdspecifically for the diamond industry by startup CARATS.IO, the exchange said Monday.CARATS.IO will host a seminar during the International Diamond Week in Israel (IDWI), taking place February 5 to 7, to introduce the new cryptocurrencies and explainhow they can benefit the trade. "By cooperating with this innovative startup, we're makingdiamonds a viable investment channel for a whole new market," said IDEpresident Yoram Dvash. "This is important for the diamond sector in Israel andthe world over. Israel's high-tech know-how is a huge resource for our industryand we're proud to play a pivotal role in heralding the next era of diamondtrading." One of the new coins, CUT (Carat Utility Token), will allowsafe peer-to-peer transactions among diamond traders without financialintermediary assistance, according to Avishai Shoushan, founder and CEO ofCARAT IO. The second, CARAT, will "open the diamond industry to a huge, largelyuntapped market of financial institutions and cryptocurrency investors,"Shoushan added. Both cryptocurrencies will be backed by diamonds purchasedthrough the IDE. Last year's IDWI featured around 400 buyers from more than30 countries, as well as 200 exhibitors. At that time Dvash announced the IDE'sintention to advance its technological capabilities throughout the year.