Blockchain-Based Diamond Exchange Cedex to Start Trading Diamonds Worth $50 Million

Blockchain-enabled diamond exchange Cedex has secured more than 6,000 diamonds worth over $50 million that will be traded on its platform, Finance Magnates reported on March 27.

Per the report, citing a press release from the firm, the supply is meant to ensure that traders have a sufficient variety of options from the launch of its diamond-backed Exchange Traded Fund (ETF), which the company is reportedly developing. The report claims that Cedex’s ETF would be the first of its kind and that it will be ‘generic’ in nature.

The report also notes that the company is currently liaising with exchanges, brokerages and ETF issuers to offer an Application Programming Interface (API), which would simplify the integration of the new asset into exchanges.

Cedex reportedly raised $20 million in March last year to develop its institutional digital diamond certificate decentralized exchange and released the beta version in November last year.

Saar Levi, Co-Founder and CEO of Cedex, is quoted in the report explaining that he believes the technology of his company will bring more liquidity to the diamond market, “transforming diamonds into a new asset class.”

As Cointelegraph recently reported, the CEO of blockchain trust company Paxos noted that its Ethereum (ETH)-based token backed by gold will be launched “definitely this year.”

At the end of January, Russia’s Ministry of Education and Science introduced a blockchain-enabled platform for tracking natural diamonds.