BitGem Asset Management Ltd. (BAM) and its parent company, Precious Investments Inc., in 2016 launched a crowdsale for what they call the first diamond-backed cryptocurrency, PinkCoin, an Ethereum-based cryptocurrency backed by a pool of fixed-colored diamond assets.
PinkCoin is built on Ethereum’s Smart Contract and is backed by certified fancy coloured diamonds, most of them pink, equalling $5,000,000. The crowdsale included 5,000,000 coins, $1 each.
The diamonds are insured by Lloyd’s of London and stored in a private vault at 21 Dundas Square in Toronto, Canada. According to the official information, “coloured diamonds have outperformed all major stock indices over the last 18 years,” increasing in value between 10% and 15% every year.
“Coloured diamonds are the rarest commodity in the world and quite simply the world’s most concentrated form of wealth; it is expected that this trend will continue. The current global yield of coloured diamonds mined per year will slow down… while demand from the jewellery industry keeps rising. Pink and other fancy grade coloured diamonds… are the only commodity that has not decreased in price since they began being tracked in 1959. This will only enhance the validity of PinkCoins in the market place,” Dr Nataliya Hearn, CEO of Precious Investments Inc., says.
PinkCoins can be redeemed for bitcoins or individual gems based on the pool’s current valuation as described in the terms of the crowdsale. Initially, the crowdsale includee 5 million PinkCoin tokens with the asset pool valued at $5 million USD. BAM can issue up to 95 million new PinkCoin tokens in future offerings in a non-diluted manner.
From what it seems this “Gem” is ready to pick up in value and make a new all time high. Perhaps this could be a Hot coin in the nearest future or at least it worth looking into.