Diamond Standard: Difference between revisions
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Revision as of 23:29, 24 November 2019
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| File:Diamond Standard Logo.png | |
| Company type | Private |
|---|---|
| Industry | E-commerce |
| Founded | 2018 |
| Founder | Cormac Kinney (CEO & Founder) |
| Headquarters | , USA |
Area served | Worldwide |
| Products | Diamond Standard Coin, Diamond Standard Bar, Bitcarbon token |
| Website | diamondstandard |
Diamond Standard is the producer of the first fungible natural diamond commodity,[1][2][3] which, like gold is delivered in a standardized coin or bar.[4]
The coin and bar are physical, and each contains a standardized set of diamonds, graded and certified by the GIA, and an embedded wireless encryption chip. The provenance of the diamonds, sourced through transparent bidding on a regulated exchange, and proof of their aggregate scarcity, [5] is stored on a public blockchain.[6][7] The chip also stores a blockchain token, which enables digital transactions for the commodity.[8] This token, called a Bitcarbon, can be traded like Bitcoin, or be used asset-back any digital contract or currency.[9] The clients are institutional investors and individuals, and the token is issued under license from the Bermuda Monetary Authority.[10] The authenticity and fairness of the diamond commodity is ensured by radical transparency regarding the contents, sourcing, and price discovery of the diamonds inside each commodity.[11]
To supply the commodity, the company formed an electronic loose diamond exchange, the Diamond Standard Exchange,[11] to increase supply-chain efficiency and transparency. It is member owned, overseen by the BMA.[12] All diamonds contained in the commodity are priced and acquired via bidding bid on this regulated exchange.[13][14] The company was founded in New York City and has offices in Hamilton, Bermuda,[15] the domicile of its regulator.[13]
History
Founder Cormac Kinney is a software designer and serial entrepreneur, whose inventions have been cited in nearly than 4,000 patents,[16] including several related to diamond commodities, exchange and wireless technologies.[17] He raised over $500 million for eight startups, five of which have been acquired by public companies.[18]
Diamond Standard, and the Bitcarbon token, is one of the first services to launch under Bermuda's newly enacted Digital Asset Business Act. [19][20]
References
- ^ Claman, Liz (2019-06-26). "Diamond Standard launches world's first fungible diamond commodity". Fox Business.
- ^ Steel, Alix (2019-08-19). "The CEO Hoping to Turn Diamonds into gold". Bloomberg Commodities Edge.
- ^ "Diamond Standard launches world's first fungible diamond commodity". Yahoo Finance. 2019-06-26.
- ^ McCann, Bailey (2019-05-10). "Diamond Standard Launches Blockchain-Powered Token Backed by Real Gems". Opalesque.
- ^ Kinney, Cormac (2019-06-28). "Making Diamonds A Credible Alternative Investment". ValueWalk.
- ^ Roberts, Daniel (2019-08-02). "Diamond Standard backs precious gems with blockchain". Yahoo Finance.
- ^ Rodriguez, Maria (2019-05-08). "Diamond Standard Will Use Blockchain Technology in Diamond Exchange". Crypto World Journal.
- ^ "Diamond Standard launches blockchain-powered fungible diamond commodity". TokenPost. 2019-05-03.
- ^ Dale, Brady (2019-05-02). "Diamond Standard Launches Blockchain-Powered Token Backed by Real Gems". Coindesk.
- ^ "Diamond Standard launches fungible diamond commodity". HedgeWeek. 2019-03-05.
- ^ a b "Diamond Standard Launches Blockchain-Powered Token Backed by Real Gems". Yahoo Finance. 2019-05-02.
- ^ "Campbell Joins Bitcarbon & Diamond Standard". Bernews. 2019-05-14.
- ^ a b Neil, Scott (2019-05-16). "Bitcarbon eyes May launch as orders roll in". Royal Gazette.
- ^ Petallides, Nicole (2019-05-15). "Diamond Standard CEO Interviewed at NASDAQ". TD Ameritrade Network.
- ^ Neill, Scott (2018-12-14). "New digital asset business seeks 16 staff". The Royal Gazette.
- ^ "United States Patent Office Search".
- ^ "U.S. Patent Number 20150223580".
- ^ Feitelberg, Rosemary (2017-03-17). "Flont Strives to Shake Up High-End Jewelry With Sharing Model". Women's Wear Daily.
- ^ "Premier Meets With Cormac Kinney Of Bitcarbon". Bernews. 2018-12-18.
- ^ "Bitcarbon Company Lists Multiple Job Openings". Bernews. 2018-12-15.