Official announcements from Glitzkoin have confirmed that, the DiaEx diamond trading platform deploys, the Glitzkoin GTN token as the mode of payment. This put an end to rumors that, Bitcoin would be one of the payment options on DiaEx.
A quick note about the DiaEx trading platform that, forms part of the Glitzkoin project. DiaEx is a diamond trading platform and supports B2B and B2C trade in diamonds. Aimed at improving efficiency and market scope in the $90 billion diamond industry, DiaEx designates the GTN token as the mode of payment.
There have been some official reports from Glitzkoin, related to the development of similar platforms, for other businesses across a range of industries. Such platforms would surely have GTN as a payment option but, would incorporate multiple payment modes.
Negotiations with various business operators have been ongoing. The tech team at Glitzkoin has been exploring such opportunities, since early 2020.
Glitzkoin will continue focusing on increasing GTN usage. This while the token trades on a number of crypto exchanges. We might add here that more partnerships like the one between MyTicket.Asia and Glitzkoin, are also being pursued. In such cases, GTN would be added as a mode of payment on existing portals that sell online.
Glitzkoin CEO Navneet Goenka had this to say, “… Glitzkoin has nothing against BTC, ETH or any other cryptocurrency. DiaEx was conceptualized to designate GTN as the mode of payment … no surprise since DiaEx and GTN, are both components of the Glitzkoin project. Exploring the idea of developing similar platforms for other industries … we are surely open to the idea of, incorporating multiple payment options on those platforms”.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.