Exclusive: Carats.io Signs Agreement with Tradomatics to Underwrite CARAT Token
- Tradomatics will act as a liquidity provider for the startup's diamond-backed cryptocurrency.
Carats.io, an Israeli Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startup with a diamond-backed cryptocurrency, has signed an agreement with financial technology provider Tradomatics.
Underwriting Trades
Under the terms of the deal, Tradomatics will act as a 'liquidity provider' for CARAT tokens, said cryptocurrency. This means that it will facilitate the buying and selling of the tokens by holding them in inventory and quoting prices for their purchase and sale, thus underwriting the trades that people make with them.
According to the announcement, Tradomatics will "maintain the stability and value" of the token by allowing holders of more volatile Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to trade them for CARAT tokens. Members of the diamond industry will benefit because they will be able to avoid the volatility of other currencies by using these tokens instead.
Carats.io President Eli Avidar said: "We selected Tradomatics as our partner because of its proven ability as a market maker and a provider of liquidity in traditional financial exchanges. Our goal is the stability of the CARAT coin. This is the first step in the transformation of the diamond into a financial digital product, which in turn will streamline and grow the diamond market itself."
Tradomatics CEO Shmuel Tal said: "Tradomatics' extensive experience in supplying liquidity to conventional security exchanges, in supporting the introduction of a diamond-backed digital coin, will result in the creation a non-volatile financial asset with a high correlation to real-time prices in the diamond business. As such it will serve as an excellent hedge against the risks to which diamond traders are regularly exposed to in the currency markets. The CARAT coin connects the Old World to the New World, integrating them and serving as a leader among the other backed digital currencies."
Interest in Southeast Asia
This follows last week's news of the token becoming listed on its first exchange - Hotbit of Taiwan. The management team of Carats.io said that they chose this exchange because of the interest that their company has been receiving from people in Southeast Asia.
The aim of Carats.io is to modernise the diamond trade by introducing liquidity to the market, by way of representing real diamonds with a cryptocurrency. The value of that cryptocurrency, CARAT, is backed by diamonds which are held in inventory by Carats.io. It purchases the diamonds from the Diamond Financial Index, which is the world’s second-largest diamond trading platform.
Carats.io was originally launched in partnership with the Israel Diamond Exchange but switched to IDEX in August because Israel’s diamond regulating body did not grant it a licence to trade in diamonds.
In May 2018, the company raised $1.6 million in a private funding round.
Carats.io, an Israeli Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startup with a diamond-backed cryptocurrency, has signed an agreement with financial technology provider Tradomatics.
Underwriting Trades
Under the terms of the deal, Tradomatics will act as a 'liquidity provider' for CARAT tokens, said cryptocurrency. This means that it will facilitate the buying and selling of the tokens by holding them in inventory and quoting prices for their purchase and sale, thus underwriting the trades that people make with them.
According to the announcement, Tradomatics will "maintain the stability and value" of the token by allowing holders of more volatile Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to trade them for CARAT tokens. Members of the diamond industry will benefit because they will be able to avoid the volatility of other currencies by using these tokens instead.
Carats.io President Eli Avidar said: "We selected Tradomatics as our partner because of its proven ability as a market maker and a provider of liquidity in traditional financial exchanges. Our goal is the stability of the CARAT coin. This is the first step in the transformation of the diamond into a financial digital product, which in turn will streamline and grow the diamond market itself."
Tradomatics CEO Shmuel Tal said: "Tradomatics' extensive experience in supplying liquidity to conventional security exchanges, in supporting the introduction of a diamond-backed digital coin, will result in the creation a non-volatile financial asset with a high correlation to real-time prices in the diamond business. As such it will serve as an excellent hedge against the risks to which diamond traders are regularly exposed to in the currency markets. The CARAT coin connects the Old World to the New World, integrating them and serving as a leader among the other backed digital currencies."
Interest in Southeast Asia
This follows last week's news of the token becoming listed on its first exchange - Hotbit of Taiwan. The management team of Carats.io said that they chose this exchange because of the interest that their company has been receiving from people in Southeast Asia.
The aim of Carats.io is to modernise the diamond trade by introducing liquidity to the market, by way of representing real diamonds with a cryptocurrency. The value of that cryptocurrency, CARAT, is backed by diamonds which are held in inventory by Carats.io. It purchases the diamonds from the Diamond Financial Index, which is the world’s second-largest diamond trading platform.
Carats.io was originally launched in partnership with the Israel Diamond Exchange but switched to IDEX in August because Israel’s diamond regulating body did not grant it a licence to trade in diamonds.
In May 2018, the company raised $1.6 million in a private funding round.