Israel Diamond Exchange Launching Two Cryptocurrencies
February 8, 2018 | The Israel Diamond Exchange is launching two separate digital currencies, Reuters reported this week, in an effort to revive the industry, make trading more efficient, and more transparent. Eli Avidar, managing director of the exchange, told Reuters, “This industry is facing challenges, and this is going to in a lot of aspects address those challenges … the profitability element of the business, the speed of doing business, money laundering aspects and the problematic elements of banking nowadays. The first coin will be known as the Cut, and will be “available only to dealers on a peer-to-peer basis,” with traders from around the world being eligible to “receive digital wallets after being vetted by the exchange, similar to today’s background checks,” according to the report. This aims to solve money transfers between traders and retailers. Pre-sale of the coin started this week and use of it will commence over the coming weeks, Avishai Shoushan, CEO of the year-old CARATS.IO, which created the coins for the exchange, told Reuters. The second coin, Carat, will be issued later this year and is meant “for institutional and retail investors who want to invest in the diamond market without taking possession of physical diamonds,” the report said. “We are creating a way for people to invest in the market without actually buying and selling diamonds,” Shoushan explained.