TechFinancials

TechFinancials Announces the Beta Launch of CEDEX Diamond Trading Exchange

CEDEXThe London listed broker turned blockchain company, TechFinancials (AIM: TECH) has announced the launch of CEDEX blockchain diamond exchange. Currently, the exchange is launched in beta mode, allowing trading in diamonds as a financial asset class.

TechFinancial has acquired two per cent stake of CEDEX Holdings with an option buy additional 90 per cent stake. For the CEDEX project, TechFinancials has partnered with private banking expert Saar Levi to start a new venture CEDEX.com.

The CEDEX project has raised significant funding even before the launch of ICO. According to Finance Magnates, the company has got $20 million in funding in pre-ICO phase.

TechFinancial has played a key role in the development of the exchange with providing the necessary infrastructure. It has also participated in the CEDEX blockchain and smart contracts development. The CEDEX platform allows investors to trade in diamonds as a digitized asset class and users can purchase Digital Diamond Certificates (DDCs), while allowing diamond holders who are willing to liquidate their assets.

The exchange has established business relations with diamond dealers in order to maintain enough inventory on the CEDEX platform. And, at the time of formal launch, the platform will have over 2000 diamonds in specific categories. 

The CEDEX has also arranged a complex logistic business solution that supports the product launch, setting up of business relations with custodians, the Gemological Institute of America (GIA) and shipping partners.

Asaf Lahav, TechFinancials Group Chief Executive Officer
Asaf Lahav, TechFinancials Group Chief Executive Officer

Asaf Lahav, Chief Executive Officer of TechFinancials commented:

“We are delighted to have played a pivotal part in the launch of the first blockchain-based diamond exchange in the world. This milestone achievement is a testament to the innovative capabilities of both CEDEX and TechFinancials to build a new, groundbreaking platform and we look forward to updating the market on its progress in due course.”

Saar Levi, Chief Executive Officer of CEDEX stated:

“This is a major step forward in our exciting journey to transform diamonds into an asset class. At CEDEX, we are committed to realizing our long-term vision in which both institutional and individual investors will be able to trade diamonds as one of the leading commodities.”