Diamond Standard Co. has raised US$30 million in a Series A funding round led by Left Lane Capital and Horizon Kinetics, the company announced in a statement.
The blockchain startup allows institutional and retail investors to trade tokenized counterparts of physical diamonds on the blockchain.
With the recent launch of the Diamond Standard Bar and Diamond Standard Fund, the company requires additional production capacity in order to meet rapidly growing investor demand, it said.
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By positioning diamonds as a market-traded commodity through blockchain technology, the commodities developer said it hopes to unlock the estimated US$1.2 trillion diamond market.
Tokenized assets are expected to boom into a US$16 trillion business opportunity by 2030, or 10% of the world’s expected GDP by the end of the decade.
Last year, a 101.38-carat diamond was sold for US$12.3 million, becoming the most valuable physical object purchased using crypto..
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