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.
See related article: De Beers to use Tracr blockchain to assure sourcing of diamonds
Fast facts
- 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.
- 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.
See related article: Diamond sets record for most expensive object bought with crypto