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KUALA LUMPUR, MALAYSIA, October 18, 2018 /24-7PressRelease/ -- The Glitzkoin diamond blockchain project is made up of two major components, a diamond blockchain and a cryptocurrency. The diamond trading platform DiaEx, is designed to support diamond trade at B2B and B2C levels. The cryptocurrency included in the project, plays a strategic role on the diamond trading platform.
Lengthy bank procedures and substantial bank charges, have always posed a challenge for diamond trade. There has never been an option and traders of the precious stone, have had to put up with overheads in terms of money and time, for decades. This was what prompted the inclusion of a crypto currency in the Glitzkoin project.
More than 70% of the multibillion dollar trade conducted by the glittering industry, involves overseas markets. Typically, diamonds are mined in locations like Russia and Africa and then ported to centers in places like India for cutting and polishing. More than 80% of the diamonds that are processed in India end up in markets outside the country.
International diamond trade adds a new dimension to payment processing, something that the banking system charges a premium for. Multiple currencies and cross conversions, add to the cost of doing business. The DiaEx eliminates the hassles related to conventional payment processing – this by utilizing the GTN token as a mode of payment.
The crypto community has strongly supported the Glitzkoin project, this was visible during the ICO process that ended in June 2018. The interest continues as the DiaEx trading platform, nears its scheduled implementation target (4th quarter of 2018). Much of this interest relates to the additional demand that the DiaEx diamond exchange, would generate for the GTN token. This would be in addition to the demand and supply mechanisms that, crypto enthusiasts would trigger on crypto exchanges.
Diaex: Part of the Glitzkoin diamond blockchain project, DiaEx is designed to support both B2B and B2C diamond trade. Buyers and sellers of all sizes and located at any point on the globe, can interact directly with the exchange without the presence of middlemen and brokers. Listings on the exchange would be limited to natural and certified diamonds. There will be no trade in synthetic or manmade stones.
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