A joint venture claimed to be supported by a member of Dubai’s ruling family has launched three cryptocurrency assets backed by diamonds. Al Kasir Group, which says it is part of a joint venture under the private office of HH Sheikh Ahmed Bin Obaid Al Maktoum, said its new diamond trading model uses the digital ledger technology behind bitcoin, blockchain.
The firm’s director Amit Lakhanpal said its offering was different to other cryptocurrencies seen as “objects of radical speculation and high volatility” with “potentially huge price corrections”. “Most cryptocurrencies are practically a poor store of value and means of barter-like exchange. This gives rise to a need for a more secure alternative,” he said. The three assets it is offering – Al Mas, Al Haqeek and Al Falah – are claimed to be backed by Indian Gemological Institute (IGI) certified real diamonds and therefore “better capable to store and translate value”.
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