Dubai-based Al Kasir Group, in joint venture with a member of the royal family of Dubai, announced its foray into the crypto assets business.
The company will offer physical possession of diamonds and other valuable merchandise equivalent to the amount being spent by the buyer on its crypto asset portal.
This is also the first time that crypto assets will be available for purchase across the counter, Al Kasir Group said in a statement.
The company aims to open 1,000 stores across the world for this in all major markets, including South-East Asia, Europe, UK and Gulf Countries except Qatar. The stores, including in India, would come up over the next one year, it said.
Al Kasir Group is a joint venture between businessman Amit Lakhanpal and private office of His Highness Sheikh Ahmad Bin Obaid Al Maktoum, who belongs to the royal family of Dubai.
This would be the next level of evolution in the era of crypto currency and crypto asset combines the convenience of digital currency with the stability of traditional assets, it said.
This will not only showcase the commitment to new age technologies but also allow people from across the world to procure and own precious gems and other items, it said.
The company will launch three unique forms of crypto assets that will be backed by an equivalent value of diamonds -- Al Mas Coin (AMD- redeemable against diamonds), Al Haqeek Coin (AHP- redeemable against precious gems) and Al Falah Coin (AFO- redeemable against perfumes, oud, attar and bakhoor perfumes, oud, attar and bakhoor).
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