Israeli startup Carats.io received first-round funding for its diamond cryptocurrency venture, the company said Monday.
The enterprise, which is working in partnership with the Israel Diamond Exchange (IDE), raised $1.6 million from Net Capital Ventures, an Israel-based venture-capital fund.
Carats.io has created the first digital coin — named CARAT — backed by real, certified diamonds, which provides the stability of a diamond alongside the liquidity of cryptocurrency, Avishai Shoushan, its CEO (pictured), said.
“We are bringing diamonds — the world’s most precious commodity — to financial markets as a safe, transparent and liquid financial asset,” Shoushan added.
The coin is currently in the pre-sale phase, with a large number of subscribers registering on the website, the company said.