TechFinancials, Saar Levi Partner on Blockchain Diamond Exchange

Blockchain, FinTech, Investing, News | October 23, 2017 By:

Binary options platform and brokerage group TechFinancials has teamed with private banking expert Saar Levi to start a blockchain-based online exchange platform for diamonds.

Established in 2009, and listed on the London Stock Exchange AIM market, TechFinancials offers trading solutions to a global client-base. The company operates a B2B division licensing white label trading platform solutions to online brokers. In addition, the company operates a B2C division operating trading platforms worldwide and incorporating a strategic joint venture focusing on solutions for traders in the Asia Pacific region.

Saar Levi is the founder and CEO of LEM Management, a company that distributes third party Global Investment Houses and Funds to Israeli institutions, corporations and HNW individuals.

Levi has over 20 years’ experience in trading and sales activities in global financial markets. He spent the majority of his career in New York, working for leading financial institutions such as Lehman Brothers, Barclays Capital and Intesa Sanpaolo/Banca IMI Securities Corp, in various executive positions and responsibilities.

Called CEDEX, the new exchange platform aims to revolutionize the way diamonds are traded. CEDEX will use blockchain technology to enable people to easily invest and trade in diamonds, based on their real market value, and turning diamonds into a new financial asset class. The platform aims to bridge the gap between the traditional diamond industry and the innovative financial markets.

TechFinancials will make unsecured loan funding of US$400,000 available to the CEDEX group to develop its technology. CEDEX will also utilize TechFinancials’ knowledge and expertise. In addition, TechFinancials may provide technical development services on a fee-for-service basis to CEDEX to assist with the development of the trading platform.

TechFinancials said the collaboration with CEDEX is a strategic development aligned with the company’s long-term vision of utilizing its expertise and considerable experience in the development of online financial trading solutions and technology systems to further expand into new product areas. It is anticipated that CEDEX will provide a novel way to invest in diamonds, aligned with the Company’s vision of simplifying trading instruments.