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World's First Diamond-Backed Cryptocurrency to Launch Jan. 18
Jan 11, 2016 7:07 AM
By Rapaport News
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RAPAPORT... The companies behind the world’s first
diamond-backed cryptocurrency will start selling the digital coinage this month.
The asset class used is colored diamonds, which the founders of the PinkCoin
claim have not lost value since tracking began in 1959.
Precious
Investments and its subsidiary BitGem Asset Management (BAM) will launch the
PinkCoin crowdsale – a crowdfunding process in which investors acquire PinkCoin
tokens – on January 18, according to a statement January 4.
PinkCoin is based on the Ethereum cryptocurrency platform and backed by a
pool of fixed colored-diamond assets kept in trust by BAM. All escrowed
diamonds have been independently appraised and certified and are insured by
Lloyds of London, the statement said.
The
initial crowdsale will comprise 5 million PinkCoin tokens and the initial
diamond asset pool has been valued at $5 million, meaning each token will be worth $1 to begin with. The diamond pool will be valued on a regular basis.
PinkCoins are
redeemable for Bitcoins, a digital currency introduced in 2009, or individual
gems, based on the diamond pool’s most current valuation. Holders of the currency will
be able to trade it for other assets and for asset pool-backed tokens on the
BitGem Decentralized Marketplace, anticipated to be available in the second
quarter of 2016.
“Pink and other fancy grade colored
diamonds are the only asset class that have consistently increased in value
well over 10 percent per year,” said Dr. Nataliya Hearn, chief executive
officer of Precious Investments. “They are the only commodity that has not
decreased in price since they began being tracked in 1959. This will only
enhance the validity of PinkCoins in the marketplace.”
Pink diamonds surged 315 percent over the decade to June 30, 2015, blue diamonds soared 154 percent and yellow diamonds jumped 50 percent, according to a report by Knight Frank released last year which sourced data from the Fancy Color Research Foundation.
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Tags:
BitGem Asset Management, cryptocurrency, PinkCoin, Precious Investments, Rapaport News
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