- TechFinancials delivered on their promise to revolutionise how real-world assets are being traded in today’s digital market with the launch of the CEDEX blockchain diamond exchange.
- CEDEX, their first ever venture into the Blockchain world aims to create a global diamond community exchange that will enable diamonds to be traded transparently and securely just like any other financial asset.
- With the help of blockchain technology and the innovative DEX proprietary algorithm, CEDEX was able to effectively overcome the 3 primary obstacles that has hindered diamonds from becoming a tradable asset class namely liquidity, standardisation, and lack of transparency.
TechFinancials, a fintech software provider established in 2009 and listed on the London AIM market has announced the launch of the CEDEX blockchain diamond exchange in Beta mode, allowing investors to be able to trade diamonds as a financial asset class.
TechFinancials played a pivotal role in the launch of CEDEX as they were the primary provider of the blockchain, smart contract development, and the infrastructure on which the platform is built.
Chief Executive Officer of TechFinancials Asaf Lahav said:
“We are delighted to have played a pivotal part in the launch of the first blockchain-based diamond exchange in the world. This milestone achievement is testament to the innovative capabilities of both CEDEX and TechFinancials to build a new, groundbreaking platform and we look forward to updating the market on its progress in due course.”
CEDEX is looking to revolutionise asset tokenisation by bridging the gap between financial markets and the traditional diamond industry, with the CEDEX coin facilitating the transactions.
In essence, the platform works by connecting private diamond holders and diamond dealers with investors who are looking to diversify their holdings. And since they offer easy-to-understand investment options, diamonds can be bought and sold with confidence.
In addition, CEDEX also aims to create a transparent and secure diamond market. The market’s current value is estimated at $88B, with the potential to become a massive $350B market.
Thanks to their blockchain technology and innovative DEX proprietary algorithm, CEDEX was able to effectively overcome the 3 primary obstacles that have hindered diamonds from becoming a tradable asset class: standardisation, lack of transparency, and liquidity.
CEDEX was able to overcome the 3 main obstacles by prioritising the following activities over the past 6 months:
- Creating the diamond commodity exchange and developing the proprietary DEX algorithm
- Building a robust business relationships with diamond dealers so they can supply the preliminary diamond inventory on the platform.
- Constructing the intricate logistic business solution that will support the product launch. This covers setting up of business relations with Gemological Institute of America (GIA), custodians, and shipping partners.
- Acquiring the needed legal approvals to be able to offer the phase one product worldwide.
Saar Levi, CEDEX’s Chief Executive Officer concluded by saying:
“This is a major step forward in our exciting journey to transform diamonds into an asset class. At CEDEX, we are committed to realising our long-term vision in which both institutional and individual investors will be able to trade diamonds as one of the leading commodities.”