Icecap blockchain diamond exchange goes live

Icecap blockchain diamond exchange goes live

Icecap blockchain diamond exchange is a first-of-its-kind decentralized bid/ask trading place for diamond investors. Icecap provides diamond tokenization services through Ethereum blockchain. Hence, a dedicated blockchain-based solution for diamond trading and investing is a likely next logical step.

The official statement mentions that Icecap blockchain exchange employs ERC721 as the default token mechanism. The popular standard allows the exchange participants to further trade the assets on places such as Opensea.io and more. As blockchain solutions penetrate more and more industries, the diamond sector was poised to see some blockchain-related developments.

Icecap blockchain diamond exchange set to tokenize diamond marketplaces

The founder and chief executive officer of Icecap, Jacques Voorhees, shared his views on the launch, stating that the diamond assets represent a $10 billion investment opportunity. He says that potential investors have an untapped asset diversification opportunity at the hands.

The largely unexplored diamond industry follows a rigid mine-to-consumer model for many centuries. This uni-directional flow has restricted digitization and diversification. Icecap blockchain diamond exchange wishes to reset the industry standards by giving a fair trading opportunity for diamond investors, both retail and institutional.

Resetting age-old diamond trading practices

Today, diamond investors face a precarious situation. They purchase diamonds at retail price, but when it comes to selling, they have to sell below market rates to a restricted group consisting of dealers, auction houses, and pawnshops. In many cases involving distress sales, buyers risk losing more than 50 percent on their initial investment.

Such a scenario also makes diamonds a less-preferred investment asset. Most investors won’t prefer diamonds in their primary investment portfolio due to such an uncertain purchase-sale market.

Now, Icecap blockchain diamond exchange promises diamond tokenization, which eliminates intermediaries and allows superior trading experience. The tokenized diamonds can also be traded using the OpenSea platform.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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