Glitzkoin has always been a project with multiple objectives, one of the few projects to follow this approach – this since it started in early 2018. The GTN crypto token has been launched as part of the project and has been assigned, a very strategic role. Besides trading on crypto exchanges, GTN also has usage cases built into the project.
GTN Strategic Role:
1) GTN has been trading on crypto exchanges since July 2018, shortly after the ICO was successfully completed. More exchanges are scheduled to be added, the first addition being LATOKEN (first quarter of 2021).
2) The DiaEx diamond trading platform which is also part of the Glitzkoin project, designates the GTN token as the mode of payment. This is a usage case that, has the potential to create significant demand for GTN.
3) The partnership between online ticketing giant Myticket.Asia and Glitzkoin, will soon allow visitors to the portal to select GTN as a payment option. This is discussed in detail in the report below.
Strongly supporting the increased use of cryptocurrency, Glitzkoin in 2019 inked an agreement with online ticketing giant Myticket.Asia. The Myticket-Glitzkoin partnership, would soon allow visitors to the ticketing portal to pay for their purchases with the GTN token. Much progress has been made in system development at both ends to make this happen. A major testing phase to verify the integration of both systems, was scheduled for 2020. The pandemic has derailed plans but, the process is due to commence in the first half of 2021. Implementation of this arrangement, would open up yet another demand channel for GTN.
For Glitzkoin the arrangement with Myticket holds a high degree of importance. While complete operation would see an increased trading activity for the GTN, the arrangement is seen as a launch pad for similar partnerships with other business operators. This would allow us to work with a range of businesses and industries, something that has the potential to generate considerable demand for GTN.
In the words of Glitzkoin CEO Navneet Goenka, ‘… I have no doubt that much of the investor support for the Glitzkoin project and GTN token, has come from knowledgeable crypto investors. These stakeholders appreciate the unique and innovative features of the project. We are in 2021 and it was just for the past few months that, crypto space has started talking about crypto usage. Glitzkoin on the other hand, built the concept of crypto usage into its project. This was way back in 2017-2018 when the project was conceptualized. We are committed to deliver the entire project within 2021, the pandemic might have slowed things down but we are now moving ahead confidently’.
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.