International

Carats.io raises $1.6 Million in first financing round

Carats.io executive team has just completed a road show in Asian capitals - Hong Kong, Singapore, Korea and Japan - for a private sale of its ‘Carat’ token

Carats.io, an Israeli blockchain startup in partnership with the Israel Diamond Exchange, has raised $1.6m (£1.1m) in its first funding round led by Net Capital Ventures, an Israeli venture capital fund.

Carats.io is issuing the first digital coin backed by diamonds. The coin, Carat, which is 100% redeemable for diamonds, is currently in presale.

The company reports that it is registering large subscriptions for the token through the company website. The executive team has just completed a road show in Asian capitals – Hong Kong, Singapore, Korea and Japan – for a private sale of the Carat token.

According to CEO Avishai Shoushan, the firm is effectively creating the first-ever viable secondary market for diamond commerce, combining the stability of diamonds with the liquidity of cryptocurrency.

Shoushan said: “We are bringing diamonds – the world’s most precious commodity – to financial markets as a safe, transparent and liquid financial asset.”

International accounting firm Ernst & Young is auditing the diamonds backup ratio. Carats.io uses state-of-the-art big data and blockchain technologies to tokenise the diamonds.

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Lewis Catchpole

Lewis is a multimedia journalist and a alumnus of the University of Sheffield. He is a keen reader, follower of all sports and an avid supporter of Manchester United, for better or for worse. If you have any news or feature ideas please do not hesitate to contact.

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