Al Kasir Group launched three Crypto assets backed by certified diamonds. Al Kasir Jewellery 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.
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,” Dr Lakhanpal further added.