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 40730 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
Delightful Duo Of Elegant Timepieces Make For A Special Valentine Day's Gift
Nothing says ‘I love you' quite like MKS Jewellery Valentine's Day Top Picks
Mesmerizing Gift Sets and Perfume for Her
Classic Smoky Eyes with Essence
Introducing Supergirl Make-Up
The Rado HyperChrome Ultra Light
Chronoswiss Shows Off Twin Limited Edition Flying Grand Regulators
Innovative, Adventurous and Accurate. It's what pilots need in a timepiece. And ...
Le Meridien Al Aqah Beach Resort Rolls out Fabulous Deals for February
The Valentine watch collection by Coach
GUESS Launches JEANS SS19 Collection for Women
212 VIP Extra Limited Edition
NuFACE launches in Bloomingdales and Harvey Nichols!
Lenovo announces Lenovo Truscale™ Infrastructure Services – a consumption-based,...
Chrono 4 Grande Taille Limited Edition - another classy reiteration of an iconic...
The Fall 2019 Michael Kors Collection Runway Show
Turkish Airlines introduces its new The LEGO® Movie 2 Inflight Safety Video, bef...
Dubai's first building biologist receives global recognition
Exclusive position in the front row of the grid: The BMW M850i xDrive Coupe Firs...
Robinsons to launch its new luxury lighting department – the latest addition to ...
UAE supermarket chain Al Maya group to launch products from Woolworths Australia
Airbus and Emirates reach agreement on A380 fleet, sign new widebody orders
Is the runway ready for HONOR View20 Moschino edition - the season's most covete...
Caroline Wozniacki chasing more success at Dubai Duty Free tennis championships
Valentines Day Gift Guide from Anker
Create a Valentine's meal to remember with LG
Jaguar Land Rover expands Ingenium family with straight six-cylinder petrol engine
SPRING 2019: MEET ‘CECE'
Greece partners with VFS Global to launch Visa Application Centres in the Kingdo...
Abu Dhabi University and Knowledge Group to participate in IDEX 2019
Okadoc helps UAE patients find a doctor and book an appointment online instantly
Customs World develops RIISE: first of its kind leading-edge Customs platform
Wellness Saturdays with H Retreats
Zayed University inaugurates largest Bloomberg Finance Lab in the Middle East
39 days shopping extravaganza brought grand success to 13 participating malls
10 things you didn't know about Space Grill
Lacoste Presents. 12. 12 Collection
H.E. Minister Buhumaid leads Dubai Cares' Walk for Education alongside 15,000 pa...
The Retail Summit officially opens
HH Sheikh Saeed Bin Hamdan Al Maktoum Cup First Ever 30 Goal Handicap Exhibition...
DAFZA to showcase its premium services to the F&B Industry at Gulfood
Ajman Free Zone announces official commitment to culture of innovation at “Digit...
Pop Star Melissa endorses Talentology 2019
Airbus to participate in the International Defence Exhibition and Conference (ID...
Celebrate Valentine's Day with IKEA
NZMP launches innovative new ingredients at Gulfood 2019 to meet growing demand ...
Bentley launches World's fastest, most luxurious SUV
Kasih Food Production Co. reveals its latest food innovation, Mezete, at Gulfood 2019
Ethihad Airways to Deploy Latest Generation 787 Dreamliners on all its Flights t...
Hundreds of local pupils to champion inclusion at schools ahead of Special Olymp...