Dubai-based firm launches diamond-backed crypto assets

Public trading is expected to commence in late August
By Bernd Debusmann Jr
Mon 16 Apr 2018 11:12 AM

Dubai-based Al Kasir Group has launched three new crypto assets backed by certified diamonds, the company announced on Monday.

Al Kasir Group is a joint venture under the private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum, and operates Al Kasir Jewellery Trading and Al Kasir portal.

“For the first time ever, the world is about to experience a set of three crypto-assets backed by IGI certified real diamonds,” said Al Kasir Group director Dr. Amit Lakhanpal. “Being backed by a real-world Asset, these three crypto-assets: Al Mas, Al Haqeek and Al Falah are better capable to store and translate value due to a base measure or gauge around which their value revolves.”

Dr. Lakhanpal added that public trading will commence tentatively between August 21 and 24, during Edi Al Adha.

Additionally, the company announced the Pre-ICAO (Initial Crypto Asset Offering) commencement during which these crypto-assets can be purchased on the company’s online shopping portal with a bonus in store.

Investors will have a variety of packages to choose from, ranging from a minimum of $250 up to $250,000, against which he will be given Indian Gemological Institute (IGI) certified diamonds of the same value after the completion of the ICAO.

“Along with the diamonds the buyer will also get crypto-assets. These crypto-assets can subsequently be used to physically procure a range of products like precious stones, perfumes, Oud, Bakhoor and Attar from the company’s online shopping portal,” Dr. Lakhanpal noted. “The buyer can redeem only 50 percent of the product purchase value in crypto currency and the remaining 50 percent will have to be made via currency payments for future purchases.”

Lastly, Dr. Lakhanpal said that the three crypto-assets are due to be traded on their own exchange, with interchangeability of coins and trading director against diamonds, gemstones and other items.

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