To say that the Glitzkoin project and GTN token are back on track in 2021, would be an understatement. The process of listing GTN on additional crypto exchanges, was slated to start in 2020. The devastating pandemic slowed down project activity but, 2021 saw things come under control. Multiple tasks in the project have now been initiated concurrently. New exchange listings have been regularly announced. GTN now trades on the P2PB2B crypto exchange.
Known to handle significant trade in Altcoins, P2PB2B fits perfectly into Glitzkoin’s planned strategy. At Glitzkoin we firmly believe that, Altcoins have much to offer to crypto trade. The Bitcoin price slump in mid May 2021, shook the very foundation of the multi trillion dollar crypto market. Reality dawned when it turned out that, just one big Bitcoin investor had triggered a devastating market crash.
The fallacy of building a gigantic crypto market that, was dominated by a single cryptocurrency (Bitcoin), stood exposed during the May 2021 slump. Interestingly Glitzkoin had been repeatedly raising concerns about, the stability of such a market.
While Bitcoin and crypto markets would recover from the slump, there were some important lessons to be learnt. Glitzkoin CEO Navneet Goenka mentions that, “… Glitzkoin has always been calling for a wider crypto representation in markets. It basically means that a larger number of cryptocurrencies, should be actively trading at any given point in time”.
There has been an increased interest in Altcoins, something that bodes well for the future of cryptocurrency markets. Mikhail Koslov the Glitzkoin’s Russian business advisor calls for “… the dilution of Bitcoin in crypto markets”. In effect this would mean that, the proportionate value of Altcoins in the total value of crypto markets, would increase. It would then follow that, Bitcoin would make up a smaller portion of the total crypto market value.
Glitzkoin remains positive about, the ability of Altcoins to rise up to the occasion. This confidence is revealed in the exchange selection criteria, that the Glitzkoin team has deployed. Focus is being given to crypto exchanges that, hold a sizeable volume of Altcoin trade. P2PB2B, LaToken, Dex-Trade, BankCex and Stellarport are some of the exchanges that trade GTN. They are all well established in Altcoin trade.
We have been fortunate to receive invites (to list the GTN token) from, a number of reputed exchanges. The selection process is ongoing and official announcements, regarding progress will be made.
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]