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The CEDEX blockchain diamond exchange is launched in beta
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TechFinancials, a listed FinTech software provider of financial solutions that includes blockchain-based digital assets and traditional financial trading solutions for retail customers, has launched the CEDEX blockbloc diamond bag.
CEDEX entered live in beta mode, allowing investors to exchange diamonds as a class of financial asset.
TechFinancials has a two percent interest and an option to acquire an additional 90 percent of Cedex Holdings Ltd, the CEDEX diamond blockchain online diamond holding company, which would give TechFinancials up to 92 percent of CEDEX, or 87.4% on a total diluted base.
TechFinancials has played an important role in the launch of CEDEX as a leading provider of the infrastructure, blockchain and development of smart contracts on which the CEDEX platform is built.
CEDEX allows investors to securely trade digitized diamonds (DDC – Digital Diamond Certificate), allowing diamond holders to liquidate their assets. Using the innovative proprietary DEX algorithm and blockchain technology, CEDEX claims to have overcome the lack of transparency, liquidity and standardization that has held back the diamonds from online trading
In order to overcome these obstacles, CEDEX has focused on the following activities in the last six months:
- Develop the DEX proprietary algorithm and build the diamond commodity exchange in collaboration with TechFinancials;
- Establish business relationships with diamond dealers so they can provide the initial diamond inventory on the CEDEX platform, which will include over 2000 diamonds in specific categories at launch;
- Building the complex business logistics solution to support product launching, including the creation of business relationships with custodians, GIA (Gemological Institute of America) and shipping partners;
- Get legal approvals to offer the stage one product worldwide.
