Diamond backed cryptocurrency platform launched in UAE

A diamond-backed crypto asset which would be sold via the blockchain technology platform has been launched by AI Kasir Group and the private office of Sheikh Ahmed bin Obaid Al Maktoum.

Clients can buy diamonds through the organization’s online portal or their retail stores and can, in turn, receive a bonus which can be reclaimed at the stores and gateway. After buying it on the web, the organization will deliver diamonds to the client’s doorstep as it has partnered up with a logistics organization and insurance agency for the deliveries.

The very first store of the company is set to be inaugurated at Kempinski Residence and Hotel at Palm Jumeirah. The company has long-term plans of having a total of 12 stores all across the UAE in the near future and 1,000 all over the world in the upcoming years.

Tending to the media on Sunday, Dr. Amit Lakhanpal, Director of, Al Kasir Group, said the organization, along with GCC, intends on entering into different markets, for example, India, Pakistan and Bangladesh.

The three crypto assets – Al Falah, Al Mas and Al Haqeek – are expected to be traded on their own unique crypto-asset exchange wherein the clients can exchange and trade directly against precious gemstones, diamonds, oud, bakhoor, and attar.

Investors who wish to purchase these crypto resources will have an assortment of packages to choose from extending to at least $250 to $250,000, against which they will be given certified diamonds of a similar incentive after the completion of Initial Crypto Asset Offering.

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