The new venture, called the Al Kasir Group, will enable customers effectively to buy diamonds through an online portal and from its own retail outlets in what it claims is a world first as buyers will get what Lakhanpal described as “crypto-assets”, which can then be subsequently used to physically procure a range of products like the precious stones or such things as perfumes from the company’s online shopping portal.
Speaking at a press conference in Dubai on Sunday Lakhanpal said: “Cryptocurrencies with their underlying Blockchain technology are increasingly popular amongst individuals, financial institutions and governments, however many of them view cryptocurrencies as objects of radical speculation and high volatility.
“For the first time ever, the world is about to experience a set of three crypto-assets backed by IGI certified real diamonds. Being backed by a real-world asset, these crypto-assets are better capable to store and translate value due to a base measure or gauge around which their value revolves,” he added.
Asset-backed ‘Cryptos’
Investors, who wish to buy these so called crypto-assets, can choose from a variety of packages, ranging from a minimum of US$250 up to US$250,000, against which will be given Indian Gemological Institute (IGI) certified diamonds of the same value after the completion of Initial Crypto Asset Offering.
Lakhanpal said diamonds are an ideal asset backing for crypto-assets since they are rare, taking a billion years to develop, have several millennia of history as a recognized store of value, and are small and therefore easily stored and transported.
The three crypto-assets being offered by the Al Kasir Group are designed to address the needs of security by combining the convenience of digital currencies with the stability of traditional assets, he added.
Speaking at a press conference in Dubai on Sunday, Lakhanpal said: “Cryptocurrencies with their underlying Blockchain technology are increasingly popular among individuals, financial institutions and governments, however many of them view cryptocurrencies as objects of radical speculation and high volatility.
Lakhanpal said: “This is also the first time that crypto assets will be available for purchase across the counter as the company aims to open 1,000 stores across the world in all major markets, including South-East Asia, Europe, the UK and the Gulf region.
Lakhanpal is the founder and chief executive of the Money Trade Coin Group, author of a book titled ‘The World of Crypto Currency’, the chief managing director of real estate development agency the Flintstone Group and the founder of FlintBeats, an event agency founded in 2015.
Mark Crisp says:
How will they get past money laundering laws?