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Diamond Standard

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Diamond Standard, Inc.Diamond Standard, Inc.
 Edit this InfoBox
Type
Private
IndustryE-commerce
Founded2018
FounderCormac Kinney (CEO & Founder)
Headquarters,
New York City
,
USA
Area served
Worldwide
ProductsDiamond Standard Coin, Diamond Standard Bar, Bitcarbon token
Websitediamondstandard.co

Diamond Standard is the producer of the first fungible natural diamond commodity,[1][2] which, like gold is delivered in a standardized coin or bar.[3][unreliable source?]

The coin and bar are physical, and each contains a standardized set of diamonds, graded and certified by the GIA, and an embedded wireless encryption chip. The provenance of the diamonds, sourced through transparent bidding on a regulated exchange, and proof of their aggregate scarcity, [4][self-published source?] is stored on a public blockchain.[5][6][unreliable source] The chip also stores a blockchain token, which enables digital transactions for the commodity.[7][unreliable source] This token, called a Bitcarbon, can be traded like Bitcoin, or be used asset-back any digital contract or currency.[8][unreliable source] The clients are institutional investors and individuals, and the token is issued under license from the Bermuda Monetary Authority.[9][unreliable source?] The authenticity and fairness of the diamond commodity is ensured by radical transparency regarding the contents, sourcing, and price discovery of the diamonds inside each commodity.[10][unreliable source]

To supply the commodity, the company formed an electronic loose diamond exchange, the Diamond Standard Exchange,[10][unreliable source] to increase supply-chain efficiency and transparency. It is member owned, overseen by the BMA.[11][unreliable source?] All diamonds contained in the commodity are priced and acquired via bidding bid on this regulated exchange.[12][unreliable source?][13][self-published source?] The company was founded in New York City and has offices in Hamilton, Bermuda,[14][self-published source?] the domicile of its regulator.[12][self-published source?]

History[edit]

Founder Cormac Kinney is a software designer and serial entrepreneur, whose inventions have been cited in nearly than 4,000 patents,[15][unreliable source] including several related to diamond commodities, exchange and wireless technologies.[16][non-primary source needed] He raised over $500 million for eight startups, five of which have been acquired by public companies.[17][irrelevant citation]

Diamond Standard, and the Bitcarbon token, is one of the first services to launch under Bermuda's newly enacted Digital Asset Business Act. [18][irrelevant citation][19]

References[edit]

  1. Claman, Liz (2019-06-26). "Diamond Standard launches world's first fungible diamond commodity". Fox Business.
  2. Steel, Alix (2019-08-19). "The CEO Hoping to Turn Diamonds into gold". Bloomberg Commodities Edge.
  3. McCann, Bailey (2019-05-10). "Diamond Standard Launches Blockchain-Powered Token Backed by Real Gems". Opalesque.
  4. Kinney, Cormac (2019-06-28). "Making Diamonds A Credible Alternative Investment". ValueWalk.
  5. Roberts, Daniel (2019-08-02). "Diamond Standard backs precious gems with blockchain". Yahoo Finance.
  6. Rodriguez, Maria (2019-05-08). "Diamond Standard Will Use Blockchain Technology in Diamond Exchange". Crypto World Journal.
  7. "Diamond Standard launches blockchain-powered fungible diamond commodity". TokenPost. 2019-05-03.
  8. Dale, Brady (2019-05-02). "Diamond Standard Launches Blockchain-Powered Token Backed by Real Gems". Coindesk.
  9. "Diamond Standard launches fungible diamond commodity". HedgeWeek. 2019-03-05.
  10. 10.0 10.1 "Diamond Standard Launches Blockchain-Powered Token Backed by Real Gems". Yahoo Finance. 2019-05-02.
  11. "Campbell Joins Bitcarbon & Diamond Standard". Bernews. 2019-05-14.
  12. 12.0 12.1 Neil, Scott (2019-05-16). "Bitcarbon eyes May launch as orders roll in". Royal Gazette.
  13. Petallides, Nicole (2019-05-15). "Diamond Standard CEO Interviewed at NASDAQ". TD Ameritrade Network.
  14. Neill, Scott (2018-12-14). "New digital asset business seeks 16 staff". The Royal Gazette.
  15. "United States Patent Office Search".
  16. "U.S. Patent Number 20150223580".
  17. Feitelberg, Rosemary (2017-03-17). "Flont Strives to Shake Up High-End Jewelry With Sharing Model". Women's Wear Daily.
  18. "Premier Meets With Cormac Kinney Of Bitcarbon". Bernews. 2018-12-18.
  19. "Bitcarbon Company Lists Multiple Job Openings". Bernews. 2018-12-15.

External links[edit]


This article "Diamond Standard" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Diamond Standard. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.


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