DiaEx Success Brings Competition And Need For Laws

The DiaEx diamond trading platform from Glitzkoin had a preponed launch in October 2021. Conceptualized way back in 2017-2018, the time when crypto usage was almost unheard of – DiaEx was focused on introducing cryptocurrency as a mode of payment in diamond trade. The idea was to improve efficiency and market scope in the glittering multibillion dollar industry.

The Glitzkoin GTN token is the designated mode of payment on DiaEx. Seeing the rapid increase in 24 hour trades of the token, it is fair to say that the diamond trading platform has been successful. This however does not mean that, everything is perfect with DiaEx. The waiting list of diamond traders, awaiting approval to operate on the platform seems to be growing longer. The approval process requires stringent checks for compliance, with a number of laws and regulations. New diamond traders are being added to the platform but, not as fast as we would have wanted.

Back to the main topic of this report about, the success of DiaEx bringing in competition. Glitzkoin has always welcomed competition and when it comes to the crypto payment sector, the arena is wide and largely untouched. We are talking about multiple industries and businesses – the scope is huge and Glitzkoin can surely not dream of controlling this sector. There is a requirement for more players and if that means more completion, so be it. Promoters and backers of various crypto projects and cryptocurrencies, are currently taking a close look at crypto payments.

When we talk about cryptocurrency as a mode of payment, for products and services – we refer to something being used instead of conventional money. This is one point that, raises the need for laws and regulations, much like we have for regular money transactions. Glitzkoin has always been vocal for the need of reasonable crypto legislation. Sections relating to crypto payments, will form an important component of any crypto law. It does not take long to realize that, theft and frauds that, are no stranger to the existing monetary system – would also be a part of crypto payments. Effective laws and their implementation, are required at all levels.

Would like to mention here that Glitzkoin, continues to explore the possibility of developing platforms similar to DiaEx – across a range of industries. Negotiations are in progress, restrictions imposed by the pandemic are now easing and we hope to see, progress on this effort soon.

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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.

 

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