Diamond Standard Co., the developer of the world’s only regulated and market-traded natural diamond commodities, has announced the global listing of Carats—a fungible digital commodity currency issued by real-world Diamond Standard Coins and Bars—on the Bitrue exchange. This marks a significant milestone as Diamond Standard Co. introduces the first fungible commodity currency to be traded globally.
Carats™ are unique in their nature, as they are issued from wirelessly audited, physical commodities held by Brinks, a renowned security company. Unlike cryptocurrencies like Bitcoin or stablecoins like Tether, Carats are not issued by a sponsor, computers, or created from thin air. Instead, they are electronic documents of title, representing ownership of tangible diamond commodities.
According to Cormac Kinney, Founder and CEO at Diamond Standard Co., ‘We are the only company in the world both producing and tokenizing diamonds that continue to function as fungible commodities. With our permissionless system, every owner of a commodity can create Carats, and Carats can’t exist unless a real Diamond Coin has been returned to the smart contract, which enables owners to check on their coins and audit them at any time.’
Carats offer a unique value proposition, as they sit outside securities and cryptocurrency regulations, allowing platforms like social networks or games to potentially offer payment features without the need for money transmitter licenses. The value of Carats is based on the market price of the underlying diamond commodities.
Users can transfer Carats anywhere using a mobile phone or sell them for local currency. Alternatively, they can return enough Carats to a Diamond Standard Coin or Bar to transact or take delivery of the physical commodity—without requesting permission or incurring fees. Carats essentially function as an investment in Diamond Standard commodities, transactable on a blockchain.
The launch of Carats represents a significant step towards democratizing access to diamond commodities, a $1.2 trillion natural resource previously inaccessible to most investors. With thousands of investors already owning Diamond Standard commodities, this innovative offering promises to further expand the reach and utility of diamond-backed assets. For more information, visit diamondstandard.co/carats or bitrue.com (outside the U.S.).
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