A shiny cryptocurrency based on real diamonds is the subject of an agreement between fintech startup Carats.io and the online diamond-trading platform International Diamond Exchange.

Under their memorandum of understanding, the two companies plan to “cooperate in the areas of data analysis and the development of new financial vehicles for both the diamond industry and general public.”

These will be based on Carats.io’s Diamond Financial index and its “carat” coin, a cryptocurrency backed by real diamonds. IDEX will provide diamond buying and logistics services, with the diamonds bought from international companies operating on its IDEX platform “in jurisdictions where cryptocurrency-based diamond trading is sanctioned by law, up to U.S.$120 million worth in the initial stage of the agreement,” according to the companies.

ThirtyK Staff
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