China has left other nations far behind, when it comes to developing its official cryptocurrency - the Digital Yuan as it is known in crypto circles. At the time of writing this report, the digital yuan has made significant progress in its pilot test run. China is currently exploring options to impart a more, global role for the state’s crypto.
The private crypto industry in China, has started to feel the negative impact of government cryptocurrency policies. Crypto exchanges and even bank accounts of crypo firms and traders, are struggling to cope with rapidly changing rules. Extremely stringent rules are making it impossible, for many long standing crypto operating models to remain in business.
Similar circumstances have resulted in the Dobi Crypto Exchange, winding up its Chinese operations. Glitzkoin had listed the GTN token on Dobi since the early days of the exchange being setup. We have always enjoyed a very cordial relationship. The disappointing news of the Dobi exchange closure, has resulted in the process of shifting the GTN token to an alternate exchange. The Glitzkoin Business Development and Tech teams, have taken this up as a priority task.
While few other countries have been as severe as China in formulating, legislation for the private crypto industry, exchange listing, registration and operations have been streamlined in most nations. Glitzkoin management views this as a positive development as, it creates an environment where abrupt and unreasonable rules, would not be unilaterally imposed by governments.
Information about the closure of the Dobi exchange and the resulting exit of GTN from the exchange, has been conveyed to the investing community and other Glitzkoin stakeholders. The Glitzkoin support team that has been fully operational despite the pandemic and ensuing lockdowns, has been very active in replying to investor queries that have significantly increased during this time.
The GTN token price could see a drop during the process of exchange transition. A significant number of GTN investors have clearly stated their intention to hold on to their tokens. A smaller number could sell their GTN as they are left with no option, but to close their operating accounts on the Dobi exchange. Glitzkoin management like always, has decided to let the GTN token go the organic route – without attempting to do any market manipulations. We see this as a temporary phase and are confident that, the impressive GTN track record and the unforeseen circumstances that have recently unfolded, would be understood by our loyal investors.
The GTN token continues to trade on other exchanges, you can see an updated list of exchanges where GTN trade continues in the [Buy GTN Tokens] link, below this report.
As the world passes through this unprecedented health crisis, we wish you and your loved ones a blessed and safe life. We will surely come out of these tough times and see brighter days ahead – together.
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 project successfully completed an ICO that ended in June 2018. The GTN token was priced in the $0.13 to $0.20 range during the ICO. It currently trades on the Stellarport and Cointiger crypto exchanges.
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.