AL KASIR GROUP LAUNCHES DIAMOND TRADING ON THE BLOCKCHAIN
On April 15th, at an event held at the iconic Burj Al Arab in Dubai, Members of the Private Office of H.H. Sheikh Ahmed Bin Obaid Al Maktoum – AL KASIR JEWELLERY TRADING L.L.C & AL KASIR PORTAL L.L.C announced the launch of Diamond Trading on the Blockchain with three Diamond backed Crypto Assets.
Al Kasir Group is a joint venture between Dr. Amit Lakhanpal and Private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum who belongs to the members of royal family of the ruler of Dubai.
Dr. Lakhanpal is an Indian entrepreneur, property developer and author. Dr. Lakhanpal is the founder and CEO of the Money Trade Coin Group. He is the author of the book “The World of Crypto Currency”. Dr. Lakhanpal is also called the Chief Managing Director of real estate development agency Flintstone Group and the founder of FlintBeats, an event agency founded in 2015.
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 practically a poor store of value and means a 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 by IGI certified real diamonds. Being backed by a real-world Asset, these three crypto-assets; AL, AL HAQEEK & AL FALAH are better capable to store and translate value due to a base measure or gauge around which their value revolves. 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 utilized as crypto-assets with the stability of traditional assets.
The three crypto-assets are due to be traded on their own unique crypto-asset exchange with the flexibility and interchangeability of coins and trading directly against diamonds, precious gemstones, oud, bakhoor and attar adding 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 crypto-assets, the Exchange will provide for smooth transitioning for crypto-investors who are keen on investing in these Diamond-backed crypto-assets.
This is also the first that crypto assets will be available for purchase across the counter as the company aims to open 1000 stores across the world for this is all major markets including South-East Asia, Europe, U.K, and Gulf countries (except Qatar).
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 the completion of ICAO (Initial Crypto Asset Offering). The Company aims to attract buyers from all social and economic segments.
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% of the product purchase value in crypto currency and the remaining 50% will have to be made via currency payments for future purchases.
Public Trading will commence tentatively between 21st August 2018 and 24th August 2018 during the auspicious festival – Eid Al Adha 2018.