Search SaudiArabiaPR.com

Home >> Others

Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds

Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds

Monday, April 16, 2018/ Editor -  

Share

Home >> Others

DUBAI – April 16, 2018:   Dubai-based Al Kasir Group launched three Crypto assets backed by certified diamonds. Al Kasir Jewellery Trading and Al Kasir portal, a joint venture under the private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum, announced the launch of the innovative diamond trading model using the blockchain technology for the first time in the world. 

Al Kasir Group, a joint venture under the private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum and Dr. Amit Lakhanpal, Indian entrepreneur, property developer and director of the Al Kasir Group. 

Speaking at a press conference in Dubai, Dr. Lakhanpal said, “Cryptocurrencies with their underlying Blockchain technology are increasingly popular amongst individuals, financial institutions and governments, however many of them view cryptocurrencies as objects of radical speculation and high volatility. Since they are subject to potentially huge price corrections, most cryptocurrencies are practivally a poor store of value and means of barter-like exchange. This gives rise to a need for a more secure alternative.” 

“For the first time ever, the world is about to experience a set of three crypto-assets backed by IGI certified real diamonds. 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,” he added.

“This is also the first time that crypto assets will be available for purchase across the counter as the company aims to open 1000 stores across the world for this in all major markets including South-East Asia, Europe, the UK and the Gulf region. The public trading will commence tentatively between August 21 and 24, 2018 during Eid Al Adha,” Dr. Lakhanpal further said

The company announced the Pre-ICAO commencement during which these crypto-assets can be purchased on the company’s online shopping portal with a bonus in store. Investors, who wish to buy these crypto-assets, will have a variety of packages to choose from, ranging from a minimum of USD 250 up to USD 250,000, against which he will be given Indian Gemological Institute (IGI) certified diamonds of the same value after the completion of ICAO (Initial Crypto Asset Offering). The company aims to attract buyers from all social and economic segments.

Dr. Lakhanpal said, “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. The buyer can redeem only 50 per cent of the product purchase value in crypto currency and the remaining 50 per cent will have to be made via currency payments for future purchases.”

“Diamonds are an ideal asset backing for crypto-assets since they are rare, taking a billion years to develop, have several millennia of history as a recognized store of value, and are small and therefore easily stored and transported. The three crypto-assets are designed to seamlessly address the need of security, combining the convenience of digital currencies by being utilised as crypto-assets with the stability of traditional assets,” he elaborated. 

According to him, the three crypto-assets are due to be traded on their own unique crypto-asset exchange with the flexibility of inter-changeablitiy of coins and trading directly against diamonds, precious gemstones, oud, Bakhoor and attar to add more value. 

“Bitcoin and Ethereum are two major cryptocurrencies that have been dominating the Cryptocurrency Economy far longer than others. With the ability of utilizing Bitcoin and Ethereum for trading with these three crypto-assets, the Exchange will provide for smooth transitioning for crypto-investors who are keen on investing in these Diamond-backed crypto-assets.” 

Dr. Lakhanpal is the founder and CEO of the Money Trade Coin Group. Author of a book titled ‘The World of Crypto Currency’, Dr. Lakhanpal is also the Chief Managing Director of real estate development agency named Flintstone Group and the founder of FlintBeats, an event agency founded in 2015.


Previous in Others

Next in Others


Home >> Others Section

Latest Press Release

King Saud University Pharmacy College recognizes AbbVie as the leading pharmaceu ...

M Hotel Makkah by Millennium sponsors the opening of a fitness centre at Al Wahd ...

Michael Kors Co-hosts the 10th Anniversary of the Annual Filmmakers Dinner

Police Is the Official Eyewear in Sony Pictures' “men in Black™: International”

SAUDI Tech Investments to Hit $135b by 2030

Saudi Arabia's First Multi-player Virtual Reality Experience Comes to Riyadh

Fashion Forward Dubai Pop Up returns to Saudi Arabia with Ramadan and S/S ‘19 co ...

HONOR's Wearable Gear - HONOR Watch Magic Finally Heads to Saudi Arabia

Millennium Taiba and Al Aqeeq win Medina's Leading Hotel Award 2019

Marriott International Opens First Marriott Executive Apartments in Madinah

First Five Cities Revealed for New Call of Duty Esports League

Michael Kors Celebrates Old Bond Street Townhouse With a Series of Events

Abdul Latif Jameel Energy expands role in Middle East water sector

Etihad Airways to operate scheduled flights from Al Ain to Jeddah during busy Ra ...

Make Up for Ever Kicks-off Helwet Ramadan – Season 3

Experience the ultimate mix of spirituality and comfort at M Hotel Makkah by Mil ...

Celebrities in Michael Kors Collection at the 2019 MET Gala

New Pampers Pure Protection Diapers contains Premium cotton and plant-based mate ...

Turkish Airlines records impressive Q1 passenger growth in the Middle East

Uber and Takamol partner to empower working Saudi women and provide them with ac ...