Diamonds Standard Co. uses precious gems to back payment network
Diamond Standard Co. has introduced a blockchain payments system that uses diamonds as backing collateral for transactions.
In an effort to sidestep the regulatory challenges faced by many centralized exchanges and payment services, Diamond Standard Co. has introduced an alternative blockchain payment system called CARATS.
CARATS deviates from traditional centralized exchanges and payment services by using tokenized diamonds, backed by real-world commodities, to facilitate payments, remittances, and wealth transfers between users.
Individuals can purchase full or partial amounts of these tokenized diamonds, trade them, transfer them, cash out for local fiat currencies, or opt to exchange the token for delivery of the physical diamonds.
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Author: Vince Quill
