Diamond-Backed Crypto Asset Launched In The United Arab Emirates

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The Al Kasir Group which is based in Dubai has unveiled an ICAO – Initial Crypto-Asset Offering that is backed by diamonds as well as other gemstones. This comes in the wake of other crypto-assets being launched in other parts of the world which are backed by physical assets such as oil or gold.

The Initial Crypto-Asset Offering will be a joint venture between the Sheikh Ahmed bin Obaid Al Maktoum?s private office and Al Kasir Group.

According to Al Kasir Group which has a license to trade in jewelry, investors will be able to purchase the crypto-assets from the firm?s online platform. Investors can put in amounts ranging from $250 to $250,000. The crypto-assets are backed by diamonds which have been certified by the IGI ? Indian Gemological Institute.

Per Amit Lakhanpal, a founder and director of Al Kasir, this will be the first Initial Crypto-Asset Offering in the United Arab Emirates.

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