IDE PARTNER CARATS.IO WINS ICO SUMMIT COMPETITION
Carats.io was the prizewinner of the ICO Summit and Competition held from April 10 – 12 in Kazan, Russia. The summit, a major international gathering, was attended by more than 350 participants, including 25 companies from 17 countries.
During the conference, Carats.io took part in a panel about cryptocurrencies and presented its groundbreaking system to commoditize and tokenize diamonds.
Twelve different projects in the fields of Fintech, Medtech, AI, Blockchain and VR took part in the competition, which was judged by senior consultants, entrepreneurs, investment bankers and blockchain experts, and carried a prize of $10,000.
Carats.io took first place in the competition, winning the prize in a consensus decision.
The Israel Diamond Exchange (IDE) is a strategic partner of Carats.io, which has launched the first cryptocurrency based on diamonds, CARAT, backed by diamonds purchased on the Israel Diamond Exchange. Carats.io has revolutionized the industry by building the first-ever viable secondary market for diamond commerce.
The company has created the IDE’s official Diamond Pricing Algorithm (DPA) and the Get-Diamond Index (GDX). The sophisticated algorithm compares individual diamond grades to daily market conditions, based on not less than 14 diamond parameters. The GDX is the first diamond market index of its kind, based on the daily diamond trading data within the IDE.