The collapse of three prominent U.S. banks over the weekend led to market volatility and a lot of uncertainties as to where investors could stash their cash. Gold, the age-old safe haven, saw a boost in prices by about 5% since last week, and another asset that caught investors’ attention was diamond – digitized diamond.
Diamond Standard, a blockchain company that tokenized and standardized the diamond market to allow investors buy the previously hard-to-invest-in gemstone, said it saw a large spike in its marketplace after the banks started to shut down.
The company gathers physical diamonds together in a “coin” of standardized value that’s stored in a vault. Each holds eight to nine diamonds. The diamond-embedded tokens are digitized through an Ethereum-based digital coin, bitcarbon, which is tradable on different exchanges.
Source: Investors Flock to Tokenized Diamond as Crypto Banking Crisis Props Hard Assets