FEDF: trading crypto currency secured by diamonds may be launched in 2018

As Aleksey Chekunkov, head of the Far East Development Fund (FEDF), informed RIA Novosti, there are plans to start trading a crypto currency secured by diamonds through “Voskhod” system in January 2018.

The “Voskhod” digital platform created by RTS non-commercial partnership and FEDF will become a floor for deals with a new digital asset secured by diamonds – D1 Coin. “This is the first asset in the crypto market secured by a real physical commodity – valuable asset – diamonds. Until now, all so-called coins were secured by nothing. All diamonds are produced by Russian and foreign gem cutters from Alrosa’s stones”, said Mr. Chekunkov.

According to his data, this project was initiated by Diamundi Pte Ltd, an investment fund from Singapore. According to their data, total nominal value of all D1 Coins to be circulated by the end of 2018 will amount to some 1 billion dollars.

Each D1 Coin is secured by 1/1000th of one carat of the reference diamond and will be circulated for a particular diamond in the amount computed by D1 Matrix neural network based on a number of characteristics and market analysis. The owner of a certain number of D1 Coins will be able to exchange them for a selected diamond any time. Gem stones will be stored in special depositories in Singapore and Switzerland.

“It is planned that trading this asset in Russia will start in January 2018 at “Voskhod” investment system”, said FEDF head.