TechFinancials a fintech listed financial software provider of financial solutions that include digital assets based on blockchain and traditional financial trading solutions for retail clients, is pleased to announce that CEDEX, the CEDEX, blockchain diamond exchange, has become operational in Beta, allowing investors to exchange diamonds for a class of financial activity.
TechFinancials has a 2 percent interest and an option to acquire an additional 90 percent of Cedex Holdings Ltd, the CEDEX blockchain diamond online holding company that would give TechFinancials up to 92 percent of CEDEX or 87.4% 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 and easily negotiate digitized diamonds (DDC – Digital Diamond Certificate), allowing diamond holders to liquidate their businesses. Using the innovative proprietary DEX algorithm and blockchain technology, CEDEX overcame the three main obstacles that prevented diamonds from becoming a negotiable investment class: lack of transparency, liquidity and standardization.
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 diamond commodity trading in collaboration with TechFinancials;
• Establish business relationships with diamond dealers to provide the initial diamond inventory on the CEDEX platform, which will include over 2000 diamonds in specific categories at launch;
• Construction of the complex business logistics solution to support the product launch, including the creation of business relationships with custodians, GIA (Gemological Institute of America) and shipping partners;
• Obtain legal approvals to offer the first-stage product worldwide.
Asaf Lahav, Chief Executive Officer of TechFinancials, commented: "We are delighted to have played a key role in launching the world's first blockchain-based diamond exchange, which is a testament to the innovative capabilities of both CEDEX and TechFinancials to build a new innovative platform and we are not looking forward to updating the market on its progress in due course. "
Saar Levi, CEDEX Chief Executive, said: "This is a major step forward in our exciting journey to transform diamonds into a business class.We are committed to achieving our long-term vision in which both institutional investors and the individual ones will be able to exchange diamonds as one of the flagship products. "
Regulation on the detection of market abuse (MAR)
Some information contained in this announcement would have been considered privileged information for the purposes of Article 7 of Regulation (EU) no. 596/2014 up to the issuance of this announcement.
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