Raises $1.6 Million Dollars to Work in the Diamond Industry, a blockchain company from Israel, has raised $1.6 million dollars after a funding round that was led by Net Capital Ventures.

What is is a company that wants to revolutionize the diamond industry by using blockchain technology. The intention is to provide liquidity to the market using a virtual currency backed by diamonds.

Dor Eligula, Co-founder of the start-up, commented:

“We created a digital token whose sole purpose is to create the liquidity phase of the industry. Every CARAT is backed up by diamonds. Like the gold dollars held at Fort Knox before the ‘70s, this is what we are doing now with our coin CARAT and diamonds.”

As mentioned before, the company is located in Israel, a blockchain and crypto hub in the region. Indeed, the country is known as the start-up nation because of the high number of technological enterprises settled there.

At the same time, Israel is one of the most important diamond producers on earth. The country is responsible for around 12% of the world’s diamond trade. Moreover, about 30,000 people are employed in the industry.

Liquid Market

Eligula explained why the diamond market needs liquidity. He said that it is not easy to use diamonds as a financial asset because investors are not able to see market movement on an index. That’s why wants to create an index of diamonds called GDX – or Get-Diamond Index. At the moment, the GDX is the official index of the Israel Diamond Exchange.

The person who holds CARAT tokens will be able to redeem them for certified diamonds.

Additionally, it will be possible to link the tokens to a stable BETA 0 product based on one of the most isolated industries in the world.

Gabriel Diamant, Chief Product Officer, said:

“I see the world of cryptocurrencies as a world made up of communities, and I would like the CARAT to be the coin of diamonds.”

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