Glitzkoin experienced a slowdown in 2020, this due to the devastating COVID-19 pandemic. Fortunately 2021 turned out to be a tremendous year, for the Glitzkoin project and GTN token. Starting 2021 at around $0.25, the Glitzkoin GTN token crossed the $2 mark and then ended the year (2021) close to $1.
While this sounds great CEO Navneet Goenka made an important mention, in his words “… on the business side 2021 was an amazing year for us but, there was one important activity that we could not perform due to the pandemic. Glitzkoin has been engaged in various charity activities, these have been going on since the year that we launched the project. The pandemic forced severe travel restrictions and these, made it impossible to execute any sizeable charity work”.
As the world enters 2022 with better skills and tools to contain the pandemic, Navneet Goenka has decided to restart his charity programs. Glitzkoin has initiated a program to arrange for up to 50,000 healthy meals in Thailand. The idea is to help needy Thais, during these tough times. The pandemic has caused serious economic damage, in almost every country. While the health crisis seems to be easing, economic hardships for thousands of Thais could last for a few years.
The target of distributing 50,000 meals is likely to face some serious challenges. Strategic planning will need to ensure that, all Thai COVID-19 control related norms, are adhered to. This is something that, could slow down the procurement and distribution process. Navneet Goenka remains unfazed saying that, “… Glitzkoin is no stranger to charity work and challenges … the stretched out time frames will not discourage our efforts”.
Thailand’s crypto scene has been developing in recent months. The government recently announced its plans to simplify, crypto regulations – news was that, crypto taxation was also likely to be reduced. Binance revealed its plans to setup a crypto exchange (2022) in Thailand. The exchange was ready to comply with related regulations in the country.
While Binance did make its business intentions in Thailand very clear, Glitzkoin insists that, its charity program in Thailand is purely humanitarian in nature. CEO Navneet Goenka has admitted that, “… Glitzkoin is tracking Thai crypto related developments but, has no immediate business plans in Thailand”.
Glitzkoin has through the years, taken up various activities to help the needy in India and Malaysia. Most of these programs were organized in rural areas, many of them focused on child welfare. Besides distributing food, groceries and other essentials to an orphanage in Mumbai (India), Navneet Goenka was also instrumental in organizing a Malaysian health related event to mark, World Diabetes Day”. The program in Thailand, marks the restarting of Glitzkoin related charity events.
Navneet Goenka admits that, Glitzkoin alone cannot resolve Thailand’s problems saying that, “… we are trying our best and hope that, other business operators would consider organizing similar programs. This is our first charity event in Thailand, we plan to do much more in the country in the coming years …”.
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.