Most cryptocurrencies do not have their value pegged to anything. In the case of Bitcoin and Ethereum, that is not necessarily a big problem. Over in the UAE, however, the goal is to remove as much speculation from the cryptocurrency industry as possible. As such, Al Kasir Group has announced a new diamond-backed crypto asset, which will be launched very soon.

There are different kinds of currencies linked to tangible assets. More specifically, it appears there is a growing number of currencies backed by oil, gold, and other resources. In the UAE, Al Kasir Group is taking this concept one step further. The firm plans to issue diamond-backed crypto assets to the public. This measure allows clients to buy diamonds through an online portal or retail store and receive a bonus in the process.

An Interesting Idea by Al Kasir Group

This new currency also ensures Al Kasir Group will deliver the diamonds to the client’s doorstep. This is achieved through an active partnership with a logistics provider and insurance agency. Bringing this venture to a successful end will not be easy whatsoever, but the concept opens up a lot of new opportunities. The first store will be inaugurated soon. Additionally, the plan is to have a total of 12 stores up and running across the UAE in the coming few months.

A total of three crypto assets will be used. Al Falah, Al Mas, and Al Haqeek will trade on their own asset exchanges. This allows clients to switch between different assets and precious gemstones, diamonds, bakhoor, and so forth. If successful, the products will become available in three main markets, including Pakistan, India, and Bangladesh.

Anyone interested in purchasing the new assets by Al Kasir Group can choose between different packages. The packages start at $250 but go as high as $250.000. The value purchased will result in a number of certified diamonds to be received. It is an interesting take on developing new stablecoins. At the same time, we will have to wait and see if this initial crypto asset offering will generate any interest.

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