There have been a few interesting pieces of conversation on the Glitzkoin Telegram channel and Twitter. Rumors about Glitzkoin’s entry into the sports and recreation sector, have been gaining momentum. Glitzkoin GTN investors are understandably looking for official announcements. Let us begin by saying that, we will not encourage rumors and fake hyped crypto media content in any way. We remain focused on developing the project and delivering organic growth.
Negotiations within and outside the luxury sector have been ongoing. There has been a fair amount of disruption caused by the COVID-19 pandemic. Industries have had to readjust and consumer preferences, were reoriented to reflect the new normal and weakened economic outlook. The Glitzkoin team has quickly adapted to these changes and this, has resulted in a positive outlook. We have been receiving requests for the development of DiaEx style platforms, for a number of businesses. The Glitzkoin tech and business development teams, have been carefully evaluating such requests.
In the words of Lila (Hussain) Ruzaini who heads the business development section at Glitzkon – “… when evaluating the possibility of developing DiaEx style platforms, we tend to give more importance to working with an entire industry rather than, working with a few business operators within the industry. We also realize that the interests of Glitzkoin GTN investors, should be given priority. For this to happen it is important that, the platform gives priority to the Glitzkoin token as a mode of payment”.
The success of the DiaEx diamond trading platform with, the Glitzkoin GTN token as the sole mode of payment – has caught the attention of the crypto industry. Few crypto analysts, would have expected conventional diamond traders, to readily accept the concept of crypto payments. The entire process has not been easy but, the success of DiaEx or any other business change, would rely on delivering a win-win scenario. The fact that the Glitzkoin CEO himself, happens to be a second generation diamond veteran, has been a tremendous help.
One thing that we can safely disclose at this time is that, Glitzkoin is currently exploring the idea of further expanding into the luxury sector. No doubt that the luxury sector has also been affected by the pandemic but, many segments are expected to recover within a year or two. That time frame suits us as the research, development and testing of a robust trading platform that supports crypto payment – would require a fair amount of time. We will however not speculate which specific segments from the luxury industry, would be targeted first. We request Glitzkoin investors and supporters to await official announcements.
Cannot end this report without, reiterating our stand that – Glitzkoin welcomes competition in the crypto payment sector. There is a huge scope in this segment of the crypto industry. All it takes is hard work and a keen desire to deliver win-win solutions to the business community. Success is unlikely to happen overnight but, the long term benefits will make it worth the effort.
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.