CEDEX Blockchain Diamond Exchange Launches In Betabr>
TechFinancials, a listed FinTech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients, has started the CEDEX blockchain diamond exchange.
CEDEX has gone live in beta mode, allowing investors to trade diamonds as a financial asset class.
TechFinancials has a two percent interest and an option to acquire a further 90 per cent of Cedex Holdings Ltd, the holding company for the CEDEX blockchain online exchange for diamonds, which would give TechFinancials up to 92 % of CEDEX, or 87.4 % on a fully diluted basis.
TechFinancials has played a major role in the launch of CEDEX as the main provider of the infrastructure, blockchain and smart contract development on which the CEDEX platform is built.
CEDEX allows investors to securely trade in digitized diamonds (DDC – Digital Diamond Certificate), while enabling diamond holders to liquidate their assets. Using the innovative DEX proprietary algorithm and blockchain technology, CEDEX claims it has overcome the lack of transparency, liquidity and standardization that has held back diamonds from trading online
In order to overcome these obstacles, CEDEX has focused on the following activities over the past six months:
- Developing the proprietary DEX algorithm and building the diamond commodity exchange in conjunction with TechFinancials;
- Establishing business relations with diamond dealers in order for them to supply the initial diamond inventory on the CEDEX platform, which will comprise over 2000 diamonds in specific categories, at the time of the launch;
- Constructing the complex logistic business solution to support the product launch, including setting up business relations with custodians, GIA (Gemological Institute of America) and shipping partners;
- Obtaining the legal approvals to offer the phase one product worldwide.