CARAT Diamond-Backed Crypto Token To Be Listed on Hotbit Exchange

CARAT Diamond-Backed Token To Be Listed on Hotbit Exchange

The Israeli blockchain company Carats.io has released earlier this year a diamond-backed cryptocurrency known as CARAT. It seems that the company is growing and that the token is also being embraced by different players. This time, the CARAT token will be listed on the cryptocurrency exchange known as Hotbit.

Gabriel Diamant, Chief Product Officer at Carats.io, said that Hotbit has been chosen by the company due to the fact that is located in Asia. The startup received several requests from clients located in this region of the world.

Eli Avidar, President of Carats.io, explained that the company has been attracting several users in Southeast Asia.

On the matter, he commented:

“Our company and our diamond-backed currency are currently attracting significant attention in Southeast Asia because diamonds are seen as an effective bulwark in the escalating trade war between the United States and China. Asians are looking for stable currency alternatives that are not dependent upon the U.S. dollar.”

Hotbit is located in Taiwan and started its operations back in January 2018. It is currently the 53rd most important exchange in the market according to CoinMarketCap. It handled $20 million dollars in the last 24 hours, and the most important trading pairs are WEB/ETH, ETH/BTC and BU/ETH, accounting for over 20% of the total trading volume at the exchange.

Carat has created this virtual currency in order to provide stability to the cryptocurrency space. The CARAT token is backed by physical diamonds, something similar to how the US dollar worked in the past when it was backed by gold. The company purchases diamonds, stores them and can be exchangeable for CARAT tokens.

According to the company, the CARAT token would have just five percent volatility per annum, much less compared to that of gold.

Moreover, the company worked with the Israel Diamond Exchange, however, it moved to the IDEX exchange back in August. IDEX is known as the second-largest diamond trading platform in the world. It currently has 7,000 active traders and 750,000 stones in its online pool.

In this way, the company is providing liquidity to the traditionally physical diamond market.