Diamond Standard, an American fintech startup that specializes in “turning diamonds into a market-traded commodity,” has secured a $30 million investment round, according to IDEX Online.
During an IPO launched last February, Diamond Standard offered the first 5,000 diamond standard coins, weighing 4.5 carats each, for $5,000 each. According to the report, the company “is standardizing diamond values with the coins – and now also with bars – which each contains certified natural gems of identical geological scarcity, backed by blockchain security.”
Cormac Kinney, founder and CEO of Diamond Standard, commented on the $30 million finding: “Following 20% per cent returns last year, the Diamond Standard Coin has continued to generate a positive return this year, while the S&P 500 is down 14% and bitcoin is down 50%,” said. Investors need a new uncorrelated asset class, and this capital will enable us to increase capacity and expand our offerings.”
