- TechFinancials has kept its promise to revolutionize the way real-world activities are traded in today's digital market with the launch of the CEDEX blockchain diamond purse.
- CEDEX, their first ever adventure in the Blockchain world aims to create a global exchange of diamond communities that allows diamonds to be traded in a transparent and secure manner like any other financial asset.
- With the help of blockchain technology and the innovative proprietary DEX algorithm, CEDEX was able to effectively overcome the 3 main obstacles that prevented diamonds from becoming a class of tradable assets, namely liquidity, standardization and lack of transparency.
TechFinancials, a Fintech The software provider founded in 2009 and listed on the London AIM market announced the launch of the CEDEX diamond exchange in Beta mode, allowing investors to trade diamonds as a class of financial asset.
TechFinancials played a key role in the launch of CEDEX as they were the main supplier of the blockchain, the development of the smart contract and the infrastructure on which the platform is built.
Asaf Lahav, Chief Executive Officer of TechFinancial, said:
"We are delighted to have played a major role in the launch of the world's first blockchain-based diamond exchange, which is a demonstration of CEDEX's and TechFinancial's innovative capabilities to build a new and revolutionary platform and we can not see it now. to update the market on its progress in due course ".
CEDEX is trying to revolutionize tokenization of resources bridging the gap between the financial markets and the traditional diamond industry, with the CEDEX currency facilitating transactions.
Basically, the platform works by connecting private diamond owners and diamond dealers with investors who are looking to diversify their holdings. And because they offer easy-to-understand investment options, diamonds can be bought and sold safely.
In addition, CEDEX also aims to create a transparent and safe diamond market. The current market value is estimated at $ 88 billion, with the potential to become a huge $ 350 billion market.
Thanks to their blockchain technology and innovative proprietary DEX algorithm, CEDEX was able to effectively overcome the 3 main obstacles that prevented diamonds from becoming a class of negotiable asset: standardization, lack of transparency and liquidity.
CEDEX has been able to overcome the 3 main obstacles giving priority to the following activities in the last 6 months:
- Creation of the diamond commodity exchange and development of the DEX proprietary algorithm
- Build solid business relationships with diamond dealers so they can provide preliminary inventory of diamonds on the platform.
- Build the intricate logistics business solution that will support the launch of the product. This covers the creation of business relationships with the Gemological Institute of America (GIA), custodians and shipping partners.
- Acquisition of the necessary legal authorizations to be able to offer the phase one product all over the world.
Saar Levi, CEDEX Chief Executive Officer, concluded by saying:
"This is a major step forward in our exciting journey to transform diamonds into a business class.In CEDEX, we strive to realize our long-term vision in which both institutional and individual investors will be able to exchange diamonds as one of the flagship products. "