Carats.io is a fintech startup company which will be issuing the world’s first-ever cryptocurrency which is backed up by diamonds. The company has signed a MoU with Celsius, a blockchain based global financial platform which allows its members to borrow capital and earn interest against the crypto holdings. As per the deal, Carats.io’s CARAT coins will be marked stable within the Celsius digital wallet.
CARAT coins are fully supported by real diamonds that are held by the fintech company, authorizing a stable currency. CARAT coins stand for an inherently non-volatile alternative which is a benefit over other cryptocurrencies, over volatile traditional currencies.
In the recent few years, the members of the diamonds and jewelry industries have faced a major reduction in the traditional bank financing. The new Carats.io and Celsius collaboration offer financial solutions allowing them to get loans and earn interest on their diamonds investments.
What is the main goal of this partnership?
As per the deal, Celsius co-founders, which include CEO Alex Mashinsky and COO S. Daniel Leon, will join the Carats.io Board of Advisors.
Eli Avidar, who is the president of Carats.io stated, “Our Company was created to reduce the gap between the traditional economy and the new digital economy, offering the checks and balances of former, with the freedom, creativity, and innovation of the latter”. He further added, “Our CARAT coins are financially strong by design, in full compliance with all the rules and protocols of the financial sectors, governments, and international agencies. We are convinced about the very important contribution that can be made by non-volatile digital coins, notably when they are backed up by an experienced and traditionally cautious business sector like the diamond and jewelry industry.”
Alex Mashinsky, CEO of Celsius stated, “Blockchain has full capacity to transform how financial transactions are originated, managed and listed around the planet. Currently, we are developing a new suite of financial products for the crypto market in order to encourage 100 million people to join blockchain. Our collaboration with Carats.io and providing loans with respect to stable coins is the main part of the plan.”