The pandemic has not really gone away but, nations have found better ways of dealing with it. Interestingly the Glitzkoin team was never under any type of lockdown as far as, work and support were concerned. The LATOKEN exchange listing for GTN, has high significance for the project and the token. The move from China (during the pandemic) to tighten controls on its private crypto industry, caused the DOBITrade (DOBI) exchange to be shut. The exchange handled much of the GTN trade volume and the exchange closure during the peak pandemic, did pose a challenge for Glitzkoin. Travel curbs and slowdown in global office activity, did not make it easy to negotiate listings with other reputed crypto exchanges.
Fortunately we have gone past those severe challenges and are back on track. GTN trading activity on LATOKEN will commence shortly, something that will also remedy another negative impact of the DOBI exchange closure. CoinMarketCap (CMC) which had listed the GTN token all through its journey, requested additional exchange listings for GTN – this after the closure of DOBI. This requirement would now stand fulfilled and the GTN tracking on CMC, is expected to be reactivated. While Glitzkoin was not to blame for the Chinese action against DOBI, we do understand the action taken by CMC under the very high standards maintained by the portal.
So what exactly are the implications for Glitzkoin and GTN, when we talk about them being back on track. GTN continued to trade on CoinTiger and Stellarport, this after a significant portion of the trade was subdued due to the DOBI exchange closure. The commencement of trading on LATOKEN, will ensure that the previously impressive trade numbers for GTN are back on track. We can say this with confidence as, no significant token dump by GTN investors has been observed during the past few quarters.
The Glitzkoin project has a broad scope and is not limited merely to the trading of GTN. In-keeping with our push for wider acceptance and usage of cryptocurrency, the project includes modules to enhance the usage of GTN. The DiaEx diamond trading platform (a part of the Glitzkoin project) which supports B2B and B2C trade in diamonds, accepts GTN as the designated mode of payment. This connects Glitzkoin to the $90 billion dollar industry of glitter and luxury. The project also focuses on encouraging the use of GTN in other business operations. An agreement finalized in 2019 with online ticketing giant MyTicket.Asia, will soon enable visitors to the portal to pay for their purchases with the GTN token. This deal holds wider significance as, its performance would influence negotiations with other business operators for similar arrangements.
The pandemic has triggered a delay in the final testing and launch phases of both DiaEx and the MyTicket partnership. The year 2020 was a tough one for every business, we had our share of challenges but ensured that development and support work proceeded smoothly. 2021 brings hope and also gives us the opportunity to get DiaEx and the MyTicket partnership back on track. We take this opportunity to thank all our well wishers and investors and assure them, of our best attention and commitment at all times.
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]