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Diamond-backed cryptocurrency by Israel’s Diamond Exchange

07 February 2018 21:00, UTC

Israel Diamond Exchange plans to develop Carat, a cryptocurrency which is 25% backed by physical diamonds. They also want to introduce Cut, another digital coin intended for deals between entrepreneurs involved in the diamond business.

The plan has already been confirmed by Eli Avidar, who is one of the high-ranking leaders of this organization.

Interesting to watch how the projects of cryptocurrency backed by gold and coins backed by diamonds are leaving the field of pure imagination. Now they are being developed by at least two serious financial organizations which survived centuries more than any digital coin: the British Royal Mint has decided to develop tokens completely linked to gold in the vaults of this governmental body, and now another financial giant wants to develop asset-backed cryptocurrency, although in this case, the link between digital and physical is not so close.

Meanwhile, the diamond-backed private D1 Coin project is alive and well, judging by its website, but one of its major investors, Oleg Deripaska, cannot say the same about his reputation. Recently the British intelligence reportedly expressed concerns over one of Deripaska’s companies trading activities. Mr. Deripaska and his representatives, however, vehemently denied the reports.