Argyle Coin has become the first digital currency that is pegged on fancy colored diamonds and performance bond. The cryptocurrency will have $25 million in fancy colored diamonds
Streamlining online trading
In an announcement, the company said the move is motivated by the need to offer a smooth and efficient online platform for trading, financing as well as buying valuable diamonds. Diamond is very common among wealth and institutional investors around the world. The industry has been ailing due to lack of a universal currency that can facilitate high-value global transactions with speed. Argyle Coin was launched so as to mitigate these challenges. The company has an online blockchain-powered market place, which is complemented by a proprietary wallet plus a multilateral financing facility.
First virtual currency designed to facilitate smart contracts
Argyle Coin is also the first digital currency specifically designed to use smart contracts so as to facilitate speedy transaction of colored diamonds. Apart from facilitating normal purchases and sales, the smart contracts also facilitate shared ownership of some of the most expensive colored diamonds. This is expected to expand the global market for diamonds because it will attract more potential retail collectors and investors, which cannot afford to purchase a whole multi-million dollar diamond.
RGL, Argyle Coin’s recently launched token is different from its competitors because its value is backed by something tangible. The token will be supported by $25 million that will be bought by the principals plus a 60% funding from an ICO Fund. The ICO will be run by Malca-Amit’s, one of the leaders in vault administration. An independent auditor will be contracted to audit the storage as well as access to the diamonds. The auditor will publish an access report every two years plus an insurance statement every year.
As part of its future plan, the company has announced that it will be creating its own Coin Exchange so as to ensure a convenient and secure access to the RGL tokens by the clients. Additionally, each user will be assigned a private digital wallet that will interface with other cryptocurrencies like Bitocoin, Litecoin and Ethereum.