New Israeli Blockchain Startup Establishes MOU With International Diamond Platform

Carats.io is a new startup for blockchain that is based out of Israeli, and they already have a major company supporting them. IDEX, which is the International Diamond Exchange, is an international platform that has recently collaborated with Carats.io. During the partnership, both entities will be making their data available to the other, while developing investment options with CARAT (Carats.io’s cryptocurrency token) and the diamond index (DFX).

Essentially, IDEX’s role will also be to provide the diamonds to Carats.io for the payments that consumers make with fiat currency for CARAT tokens. IDEX has limited their involvement to up to $120 million worth of diamonds. In exchange for these diamonds, users will receive the equivalent value in CARAT tokens.

As users make their purchases, they are supported by diamonds as a form of collateral. Still, users are never actually given diamonds as they cash out, since it is only used to match the value of the tokens purchased. If there is any doubt that IDE is good for it, any consumer can find that they actually make up 12% of the diamond trade around the entire world, and they use the Get-Diamond Index, which comes from the Carats.io index, to officially register these precious stones. Presently, the GDX holds the registration for over $10 billion worth of diamonds.

Presently, IDEX is the go-to exchange for 7,000 professional diamond traders. They also serve 1,500 diamond supply companies. At the time of this article, they presently hold 750,000 diamonds in the online pool, which is getting very close to a full million.

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