Diamond Standard Partners with Simplex to Provide Global Access to CARATS, Its Groundbreaking Payment Solution
May 16 2024 - 5:00AM
Diamond Standard Co., developer of the world’s only
regulated and market-traded natural diamond commodities, today
announced it has partnered with payment gateway Simplex by Nuvei to
offer seamless payment solutions for CARATS™ holders, the company’s
digital commodity currency issued by real world Diamond Standard
Coins and Bars. With this partnership, Carats are now listed on
Simplex and available for onramps on leading exchanges and wallets
and to the entire 350+ partner network of Simplex. Users can
effortlessly buy CARATS using credit cards, fiat, or most
cryptocurrencies, and use them for easy and quick value transfer.
Simplex by Nuvei bridges the gap between traditional fiat
currency (like U.S. dollars or Euros) and the world of digital
currencies. The integration of Simplex’s infrastructure with CARATS
will make it even easier for businesses and individuals to
implement CARATS for value transfers and payment needs,
whether that’s sending cross-border remittances, paying for
services online, or redeeming CARATS that have been earned online,
such as through online gaming or rewards. Simplex will also be
powering the upcoming CARATS mobile app that will allow businesses
and individuals to do all this with their phone.
“Many money transmitters are stuck in the past,
neglecting all the tools available or bound by the legal and
regulatory hurdles of payments and money transfer. This is a tough
nut to crack even for forward-thinking payment innovators like Elon
Musk, whose X platform is unable to do business as a money
transmitter in 34 U.S. states and 200 other global jurisdictions,”
said Cormac Kinney, Founder and CEO at Diamond Standard Co.
“Through this partnership CARATS can now be used for instant
money transfer without the headaches people traditionally
face.”CARATS, recently listed on Bitrue, are exempt from
most money transmitter and cryptocurrency regulations because they
are a title to a deliverable commodity. As electronic documents of
title, CARATS may be usable for payments or value transfer in
social networks like X (fka as Twitter), as well as by global
gaming platforms, without the same requirements for licenses.
CARATS, which are valued based on the current market price of
diamond commodities, are ideal for integration into global social
networks and for international remittances between users who lack
bank accounts, but who have mobile phones, which can be used to
send and receive CARATS for local currency. CARATS are issued from
wirelessly audited physical commodities held by Brink’s and audited
by Deloitte.
About Diamond Standard
CommoditiesDiamonds are a $1.2 trillion natural resource that
was previously inaccessible to investors, but today thousands of
investors own Diamond Standard commodities. See Wall
Street Journal (2) (3), Financial
Times, CNBC, Bloomberg (2)
(3), Forbes, Coindesk (2) and More.
About Diamond Standard CARATSOne Carat is
the title to 1/5000th of a Diamond Standard Coin (today’s spot =
$4,300) held by Brinks. A Bar equals ten Coins, so each Bar is
equal to 50,000 CARATS. A Carat is legally and taxwise still a
commodity.
The reserve is autonomous: anyone can deposit or
withdraw Diamond Standard commodities, without requesting
permission from a sponsor. The CARATS White Paper was
published today and users can buy CARATS
at diamondstandard.co/carats or outside the U.S.
at bitrue.com.
No Cryptocurrency Means No Money
TransmissionWhen cryptocurrencies came into existence,
regulators classified them as electronic money. For a
platform to support cryptocurrency transactions, it must register
as a money transmitter. Global social networks may need hundreds of
licenses to enable transactions between users.
CARATS use public blockchains and trade on
crypto exchanges, but are not created by a sponsor or an algorithm;
they are issued by, and redeemable for, individual physical
commodities.
CARATS Enable Unique Use CasesCARATS are
ideal for integration into global social networks, and for
international remittances, between users who lack bank accounts,
but have mobile phones.
Elon Musk's X (fka Twitter), just received a
money-transmitter license from Utah, its 15th since beginning to
explore offering payment features in 2019, leaving 34 states
in the USA, plus 200 more jurisdictions around the world. Because
CARATS are commodities, and not money or cryptocurrency, they may
be usable for payments or value transfer in social networks like X,
as well as by global gaming platforms, without the same
requirements for licenses.
About Simplex by NuveiSimplex by Nuvei is
the fiat/crypto infrastructure for the entire world. An EU-licensed
financial institution, Simplex by Nuvei aims to change the status
quo of the current crypto markets by providing simple, seamless,
and secure channels to convert over 100+ fiat currencies to 170+
cryptocurrencies. Simplex has been actively supporting existing and
new protocols in the industry, nurturing and expanding its
portfolio of supported cryptocurrencies.
About Diamond StandardBy using computer
science to optimize diamonds into a market-traded asset, Diamond
Standard® enables investors to access a natural resource worth
$1.2 trillion—more than all the world’s silver and platinum
combined. This breakthrough real world asset is efficiently
transacted as a vault receipt token, providing diversification,
potential inflation protection, and a new store of wealth for
institutional and individual investors, while bringing transparency
and efficiency to the diamond supply chain. To Invest
Brilliantly® visit www.diamondstandard.co
Connect with Diamond StandardDiamond Standard
CARATS: https://www.diamondstandard.co/carats Twitter https://twitter.com/diamondstandard Discord https://discord.gg/XejVepHD YouTube https://www.youtube.com/@DiamondStandard Telegram https://t.me/dscaratsMedia
contact: carats (at)
transformgroup.com Sales: hello (at)
diamondstandard.co
Xenia von Wedel
President
transformgroup
415-340-2792
xenia (at) transformgroup.com