Most blockchain and cryptocurrency projects, do little more than launch the project through an ICO and list, the crypto on exchanges. The promoter’s involvement in the project, ends right there. Glitzkoin is far more complex and comprehensive than, those general projects. The GTN crypto token launched as part of the Glitzkoin project, does trade on crypto exchanges but, is assigned a much bigger role.
Glitzkoin seeks to increase usage cases for the GTN token. One of the objectives of the project is to increase, productivity and market size for the $90 billion diamond industry. DiaEx a comprehensive diamond trading platform, has been developed using blockchain technology, as a part of Glitzkoin. The GTN token is the designated mode of payment on DiaEx.
Promoting GTN as a payment token is an ongoing process, efforts are not confined to the diamond industry. A partnership was finalized in 2019 with, leading online ticketing portal MyTicket.Asia. As per this agreement, visitors to the ticketing portal could use the GTN token to pay for their purchases. Implementation of this project was held up, during the devastating pandemic that gripped the world in 2020. The final phase of development and integration moved ahead in early 2021.
The Glitzkoin Business Development team headed by Lila (Hussain) Ruzaini is currently, holding discussions with multiple businesses – this across industries. These discussions are focused on - (a) Promoting trading platforms similar to DiaEx with GTN as a payment option, in a range of industries. (b) Working on partnerships similar to MyTicket.Asia – Glitzkoin where, the GTN could be added as a payment option on existing platforms.
The simple truth is that, Glitzkoin continues to develop and expand the project – this will often go beyond, the official white paper published as part of the project. And while all this happens, investors continue to trade GTN on the exchanges. Negotiations with leading crypto exchanges, have been initiated since the start of 2021, the idea is to keep listing the GTN token on additional exchanges.
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.
Related Resources: [Project Updates]