The pandemic that raged unabated through 2020 and has still, not lost its destructive power, affected businesses across the globe. Glitzkoin is grateful to GTN investors as, they continued their steadfast support – this despite a trading slowdown. We talk about 3 possible reasons why, Glitzkoin investors felt confident enough to hold their GTN tokens.
CoinMarketCap Re-tracking: The closure of the DobiTrade exchange by the Chinese authorities, strained GTN trade. The incident occurred just as the pandemic started to peak and DobiTrade, accounted for a major portion of Glitzkoin GTN trade. CoinMarketCap the leading portal that tracks crypto performance, requested for additional GTN exchange listings. Travel restrictions and lockdowns, made it tough to negotiate with new exchanges. Bravely facing those challenges, the Glitzkoin team finalized a deal with LaToken – this was in early 2021. With GTN now trading on LaToken, the requirement of CoinMarketCap for additional exchanges would be fulfilled. GTN investors realize that, it is just a matter of weeks before CoinMarketCap, starts re-tracking the token. This would make it easier for Glitzkoin, to negotiate with other reputed exchanges. This in our opinion is one of the main reasons why, Glitzkoin GTN investors continue to hold their tokens.
DiaEx Launch: The DiaEx diamond trading platform which is a part of the Glitzkoin project, designates GTN as a mode of payment. While not many GTN investors would be shopping for diamonds, a full launch of DiaEx could significantly raise the demand for the GTN token. The platform has already complete the first, pilot run test just before the pandemic set in. With development updates and edits now complete, we expect to have the second pilot test run in Q2/2021. This brings us closer to the final launch which, should ideally happen in 2021. DiaEx happens to be the next prime reason why, GTN investors have shown no inclination to liquidate their holdings.
MyTicket-Glitzkoin: With a focus on increasing GTN usage, Glitzkoin officially announced a partnership with MyTicket.Asia in 2019. As per this agreement, the leading online ticketing portal, would accept GTN as a mode of payment. Development for this work was completed in 2020, the technical teams working from remote locations during the lockdowns. The integration and final testing is scheduled for 2021. The implementation of this module, has positive ramifications that go beyond the online ticketing portal. Successful implementation would lay the foundation for, similar partnerships with other business operators – across industries. No doubt that the MyTicket-Glitzkoin partnership, motivates Glitzkoin GTN investors to hold on to their tokens.
Lila Ruzaini the Glitzkoin Business Development Manager gives her thoughts, ‘… GTN investors did not invest by impulse. They undoubtedly reviewed the entire Glitzkoin project, before making a decision. The substantial size of the project and the focus, on increasing GTN crypto usage would have appealed to them. Investor confidence levels increased as the project gradually developed … having come this far they (investors) are obviously, not in a mood to part with their GTN tokens’. As things get back on track, we reassure all stakeholders of our commitment to the project. A sincere thanks to all GTN investors who, continue to place their trust in the project and the team.
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]