The newly launched PinkCoin, a digital cryptocurrency from Precious Investments backed by colored diamonds, provides an easier way to invest in the wholesale global diamond market of colored diamonds, more specifically, the extremely rare pink diamonds market.
Backed by a pool of $5 million worth of colored diamonds that are insured and held in a vault in Toronto, PinkCoin began its initial crowdsale of 5 million PinkCoin tokens worth $1 each in January of 2016. The diamond pool will be evaluated and valued on a regular basis. The difference between PinkCoin and other bitcoin currencies is that PinkCoin has a base net asset value for market trading stability.
Transactions between buyers and sellers in the colored diamond industry will be able to trade among various world currencies with increased settlement times because funds will not have to be verified and exchanged the way the current system operates. PinkCoin can be used as an alternative to represent the value of the transaction.
If a buyer in one country wants to buy pink diamonds worth $50,000 from someone on the other side of the world, wait time is usually slowed by several days for bank transfers and settlements to be verified, approved and completed. Alternatively, when using PinkCoin, the buyer will be able to deposit $50,000 in PinkCoin into the seller’s account, shortening the time of the transaction considerably.
Precious Investments is in the planning stages of making PinkCoin the new standard of trading in the diamond and precious gem industry. They consider it a tool to facilitate faster and easier transactions by the masses. Preciious Investments also have plans for joint venture and wholesale partnerships using PinkCoin.
Starting in the Spring of 2016, PinkCoin is expected to be ready for purchase in multiple currencies such as Russian Ruble, Ukraine Hryvnia, Brazil Real, Argentine Peso and Chinese Yuan. The additional currencies available to purchase and trade PinkCoin will only expand the company’s reach to international traders in the diamond and precious gem industry.
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