Israel Bourse to Launch Cryptocurrencies

RAPAPORT… The Israel Diamond Exchange (IDE) plans to reveal two new
cryptocurrencies created
specifically for the diamond industry by startup CARATS.IO, the exchange said Monday.



CARATS.IO will host a seminar during the International Diamond Week in Israel (IDWI), taking place February 5 to 7, to introduce the new cryptocurrencies and explain
how they can benefit the trade.



“By cooperating with this innovative startup, we’re making
diamonds a viable investment channel for a whole new market,” said IDE
president Yoram Dvash. “This is important for the diamond sector in Israel and
the world over. Israel’s high-tech know-how is a huge resource for our industry
and we’re proud to play a pivotal role in heralding the next era of diamond
trading.”



One of the new coins, CUT (Carat Utility Token), will allow
safe peer-to-peer transactions among diamond traders without financial
intermediary assistance, according to Avishai Shoushan, founder and CEO of
CARAT IO. The second, CARAT, will “open the diamond industry to a huge, largely
untapped market of financial institutions and cryptocurrency investors,”
Shoushan added. Both cryptocurrencies will be backed by diamonds purchased
through the IDE.



Last year’s IDWI featured around 400 buyers from more than
30 countries, as well as 200 exhibitors. At that time Dvash announced the IDE’s
intention to advance its technological capabilities throughout the year.