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Diamond Standard Coin to list on INX platform

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Precious commodities: Cormac Kinney with examples of a diamond coin and diamond bar (File photograph by Duncan Hall)
Doug Borthwick: chief marketing officer at INX (Photograph supplied)

INX Ltd, a blockchain-based platform for trading digital securities and cryptocurrencies, has signed a letter of intent with Diamond Standard to list the world’s first diamond commodity -- the Diamond Standard Coin.

The coin is a digital and physical asset, a standardised set of diamonds with a wireless chip enabling it to trade as a token on the INX trading platform, a spokesman for New York-based INX said.

The availability of the coin on the INX platform is pending regulatory approval for a $25 million initial public commodity offering by Diamond Standard, the spokesman said.

He added that Diamond Standard recently announced its plan to launch an exchange-traded fund on the New York Stock Exchange under the ticker DIAM, and an agreement to list futures on the electronic trading system, CME Globex, via the MGEX, a commodity exchange located in Minneapolis, Minnesota.

INX said it will provide an electronic spot market for the Diamond Standard Coin, adding that investors who acquire a Diamond Standard Token on the INX platform are transacting the physical commodity itself, and can take delivery of the coin from the custodian in Delaware at any time.

The listing marks the first time a diamond commodity can be digitally traded on any US based trading platform, INX said.

Douglas Borthwick, chief marketing officer of INX, said: “Our proprietary trading technology was developed with the goal of transforming the future of finance with the trading of unique assets.

“The listing of the Diamond Standard Coin on the INX exchange pushes that vision forward, and we’re thrilled that both institutional and retail investors can now invest in the first fungible diamond commodity digitally.”

Cormac Kinney, founder and chief executive officer of Diamond Standard, said: “Diamond Standard developed this regulated diamond commodity in order to unlock an uncorrelated $1.2 trillion asset class for investors.

“We are delighted to list on the INX platform, to provide a secure, next generation venue for investors to trade their diamond commodities.”

In addition to being CEO of the Bermudian-incorporated company, Diamond Standard Ltd, Mr Kinney also leads Bitcarbon Technologies Ltd, which embeds the coins with a wireless encryption chip.

The letter of intent has been signed with Diamond Standard Inc, which is headquartered in New York City.

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Published December 01, 2020 at 8:00 am (Updated January 26, 2021 at 1:00 am)

Diamond Standard Coin to list on INX platform

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