So why does a project like Glitzkoin that is focused on the diamond industry, need to seek multiple sources of demand for its GTN crypto token. It is important to explain the project plan, before answering this question. The project includes a comprehensive diamond trading platform – DiaEx. The GTN token is the designated mode of payment on DiaEx. The diamond community has always hoped to have access to a mode of payment that, did not involve the cumbersome and expensive banking system. Diamond traders operating on the DiaEx platform, would generate significant demand for the Glitzkoin GTN token.
The Glitzkoin project was launched with an ICO that ran from March to June 2018, well before the epic fall of Bitcoin and crypto markets. The management team recognizes, two groups of stakeholders – the diamond community and crypto world participants. Strong support from crypto enthusiasts resulted in a highly successful ICO and that support, continues until today. Listed on the Stellarport exchange in July 2018, the GTN token has experienced significant demand from crypto traders. It is no secret that crypto token demand delivers a positive impact on price. Glitzkoin would like to ensure that the role of the crypto community in the project, does not end with the completion of the ICO. This explains the constant search, for channels that could increase demand for the GTN token.
The 70% value loss of Bitcoin (BTC) seen in the last quarter of 2018, did more than just pull down the ‘king of cryptos’. Crypto markets across the globe wore a gloomy look, the bearish market dampened crypto enthusiasts. There was a positive side to this, a lesson for blockchain and crypto project promoters. Depending entirely on the crypto community to generate demand for a token, could result in a few unpleasant surprises.
The Glitzkoin diamond blockchain project is promoted by second generation diamond veteran – Navneet Goenka. The project makes a direct connect to the glittering multibillion dollar industry. The management strongly believes that, increased usage for the Glitzkoin GTN token would expand crypto awareness. It is therefore no surprise that, the token is backed by not one but, three potential streams of demand.
1) The GTN token is currently listed on the Stellarport exchange. Negotiations are at an advanced stage for listings on other crypto exchanges. Seasoned crypto traders actively trade the crypto, generating significant demand for the token.
2) The DiaEx diamond trading platform implemented in the first quarter of 2019, is designed to accept the Glitzkoin GTN token as the mode of payment. Diamond traders looking to fulfill their payment obligations, will purchase the token from crypto exchanges.
3) The partnership between ticketing portal Myticket.asia and Glitzkoin, will present the GTN token as a payment option on the popular portal. This arrangement would be implemented in a pilot phase, during the first quarter of 2019.
Glitzkoin has always highlighted the importance of bridging the gap between, the crypto community and the real world economy. This is something that calls for a deliberate effort from both sides and should be, an ongoing process. Glitzkoin leads the new genre of blockchain and crypto projects that, originate from the corridors of a real world business or industry. The move will not only ensure a stronger commitment from promoters but will also, make businesses more open to new technologies and innovations.
Glitzkoin Project Summary: The project was conceptualized after, the glittering diamond industry was thoroughly studied by a team of diamond experts and blockchain pundits. Promoter and CEO Nanveet Goenka, comes from a family that has been an active player in the diamond industry for, over five decades. Glitzkoin is poised to improve efficiency and market scope, for the $90 billion industry. The project includes a comprehensive diamond trading platform – DiaEx, that supports B2B and B2C trade in the precious stone. The GTN token is the mode of payment on the DiaEx platform.
After successfully running an ICO from March to June 2018 with a GTN token price of, $0.15 to $0.20, the token was listed on the Stellarport exchange in July 2018. Actively supported by a mature crypto community, the token remained close to its ICO closing price ($0.20) from July to October 2018. This was a commendable performance if you consider the fact that, most cryptos launched during the same period, lost up to 70% of their ICO value within weeks of being traded.
The massive slump in crypto markets towards the end of 2018, was triggered by the huge losses that Bitcoin piled up during the same time. It was interesting to see how the crypto world, rallied around the Glitzkoin project and GTN token in November and December 2018 – months that the crypto pundits, would wish to forget. The GTN token surged to a record high of $0.30, adding a hefty 50% to its ICO price of $0.20.
A quick glimpse at the timeline for the Glitzkoin project – the DiaEx trading platform begins operation in the first quarter of 2019. Negotiations are underway to have the GTN token listed on more crypto exchanges, this in addition to Stellarport on which the token has been currently trading. Pilot testing will be initiated in 2019 where, the GTN token will be deployed as a mode of payment in businesses across various industries.