GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

DUBAI – April 16, 2018:   Dubai-based Al Kasir Group launched three Crypto assets backed by certified diamonds. Al Kasir Jewellery Trading 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. 

Al Kasir Group, a joint venture under the private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum and Dr. Amit Lakhanpal, Indian entrepreneur, property developer and director of the Al Kasir Group. 

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. The public trading will commence tentatively between August 21 and 24, 2018 during Eid Al Adha,” Dr. Lakhanpal further said

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 buyers from all social and economic segments.

Dr. Lakhanpal said, “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 per cent of the product purchase value in crypto currency and the remaining 50 per cent will have to be made via currency payments for future purchases.”

“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 utilised as crypto-assets with the stability of traditional assets,” he elaborated. 

According to him, the three crypto-assets are due to be traded on their own unique crypto-asset exchange with the flexibility of inter-changeablitiy of coins and trading directly against diamonds, precious gemstones, oud, Bakhoor and attar to add 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 three crypto-assets, the Exchange will provide for smooth transitioning for crypto-investors who are keen on investing in these Diamond-backed crypto-assets.” 

Dr. Lakhanpal is the founder and CEO of the Money Trade Coin Group. Author of a book titled ‘The World of Crypto Currency', Dr. Lakhanpal is also the Chief Managing Director of real estate development agency named Flintstone Group and the founder of FlintBeats, an event agency founded in 2015.



Posted by : GoDubai Editorial Team
Viewed 4965 times
Posted on : Monday, April 16, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Robust IT infrastructures to aid UAE businesses in ensuring compliance with GDPR
Next Story : Khalifa Fund holds forum to strengthen UAE's SME industry
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Timeless Ties
COLAB - Dry Shampoo
ORANGE & BERGAMOT Awaken the Cult Icon New Additions
FOREO delivers the ultimate festival survival kit for a glow-on-the-go.
Samsung launches Exciting Smartphone Trade-In Program with Galaxy S9 or S9+
Enhance skin radiance, smoothness and brightness in just 14 days, with the new J...
The Perfect Gift Mark
Summertime Beauty Picks at Glambeaute.com
New XE 300 Sport Edition Wins Gripping Ice Race
Get Vibrant and lively hair with Rahua's new Color Full Range
Dubai Sports Council Pavilion a big hit at Bangkok SportAccord
Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds
du to Offer New 9.7-inch iPad With Apple Pencil Support
Filorga Mesotherapist Derma Roller
A Royal Ramadan Experience by Master Chef Mama in Pullman Dubai Creek City Centre
Skyline University College Economics Day 2018: One Step towards Tomorrow
Penny Scallan Design Launches in the Middle East
New Blow Out Bar and Make-Up Studio SWISH by Immaclife Opens in Abu Dhabi in Apr...
Rolling Cones, a new luxury ice cream concept, launches at the Hyatt Regency Dub...
MINI at Auto China Beijing 2018
The new BMW M2 Competition
Mumzworld Announce Recruitment Drive To Empower Women in the Middle East
Pandora Shine Discover A New Way to Shine
Abu Dhabi Ship Building Company Launches Two 64-Meter Landing Ships for the Kuwa...
Sheikh Sultan bin Ahmed Al Qasimi Leads Sharjah Contingent to Kuwait Arab Media Forum
Toshiba Releases New, Powerful Surveillance and Video Streaming Internal Consume...
Genesis G70 Luxury Sedan Arrives in Middle East
Stylish Nursing wear at Mums and Bumps
Exclusive, Limited‐Edition, Swiss‐Made Cryptocurrency Watches
10 Kg gold for 100 winners at Malabar Gold & Diamonds
Olivia Burton Marble Florals - Embrace these styles for a new artistic way to wo...
Gifts for Ramadan at Hour Choice
Understanding what women want Balmain reveals the Madrigal Mini II
Airport Show Attracts Influential Aviation Leaders for Global Airport Leaders Fo...
Adamavi - Elegant, Timeles S, and Reliable
Pandora Spring Embrace Nature's Beauty
Mido Ramadan Watch Collection
April Marks Autism Awareness Month at Nursery Chain
Tommy Fleetwood joins OMEGA's line-up of golfing greats
Ashridge to help Saudi leaders explore and implement strategies for growth
In Its 100th Year, Panasonic Bullish On ME Growth
Village Street Sale at The Outlet Village offers designer outfits at great prices
The Beautiful Britain 2018
Ras Al Khaimah (RAK) Ruler Delivers Keynote Opening Speech to 14th Arabian Hotel...
Get ready for an exciting Ramadan at Danat Al Ain Resort
Tamouh unveils unique art piece dedicated to the late Sheikh Zayed at Cityscape ...
Mido Multifort Datometer Limited Edition - A piece of history on your wrist
'Global Automotive Aftermarket Manufacturers Gear Up for Robust Business Growth ...
du LaLiga HPC U16 Crowned UAE FA Academy League Champions and City FC Win U14 ...
Mint Middle East to Collaborate with Interac in UAE