Diamond Standard Launches Alternative Blockchain Payment System Called CARATS
2024-05-21 22:52:51
To sidestep the regulatory challenges faced by many centralized exchanges and payment services, Diamond Standard has launched an alternative blockchain payment system called CARATS. CARATS differs from traditional centralized transaction and payment services in that it uses tokenized diamonds backed by real-world commodities to facilitate payments, remittances, and wealth transfers between users. Individuals can purchase all or part of a tokenized diamond, trade, transfer, exchange for local fiat currency, or choose to exchange tokens for delivery of physical diamonds. Diamond Standard does this by minting physical coins and bars encrusted with actual diamonds and integrated chips that can audit diamonds and broadcast a tokenized version of the asset on the blockchain.
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