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HomeTechnologyBlockchain startup Diamond Standard raises $30 million to expand its production capacity

Blockchain startup Diamond Standard raises $30 million to expand its production capacity

Diamond Standard, the blockchain startup and regulated diamond commodities firm, announced on September 14 that the company has raised more than $30 million in order to continue growing its international safe diamond trading network.

Left Lane Capital, a venture capital company located in New York, and Horizon Kinetics, an investment advisory firm that is independently owned and run, were the companies that took the lead in this round. Along with a number of other strategic and angel investors, Gaingels, a group that invests in startups, and Republic.co, an online platform for investing in startups, were both part of this round.

According to the press release issued by Diamond Standard, tokenizing diamonds opens up the rare material as an asset class. This provides individual and institutional investors with a new place to deposit their capital. The company has been granted permission to do business in Bermuda as an issuer and seller of tokens and digital assets, and it creates tokens based on Ethereum that are backed by actual diamonds. On exchanges for cryptocurrencies, one may potentially sell this.

The company’s goal is to make diamonds an investable asset along with stocks, index funds, and cryptocurrencies like bitcoin. They plan to do this by creating a safe and easy-to-use platform and offering tokenized investments to make diamonds easier to invest in.

The founder and CEO of Diamond Standard, Cormac Kinney, is positive about the future of the company: “Following 20% returns last year, the Diamond Standard Coin has continued to generate a positive return this year, while the S&P 500 is down 14% and bitcoin is down 50%. Investors need a new uncorrelated asset class, and this capital will enable us to increase capacity and expand our offerings,” he said.

About Diamond Standard Co.

About Diamond Standard Co.

Diamond Standard Co. is the only company in the world that can create diamond commodities that have been given regulatory approval. The Diamond Standard enables investors to get access to a natural resource that is now valued at $1.2 trillion by unleashing diamonds as a market-traded asset. This value is more than the total amount of silver and platinum that exists in the world combined. The diamond commodity is a breakthrough hard asset that can be transacted as a blockchain token. It provides institutional and individual investors with diversification, potential inflation protection, and a new place to store wealth. Additionally, it brings transparency and efficiency to the diamond supply chain.

About Left Lane Capital

About Left Lane Capital
About Left Lane Capital

Left Lane Capital is a worldwide venture capital firm with its headquarters in New York City. The company invests in high-growth internet and consumer technology firms. The goal of Left Lane’s purpose is to collaborate with visionary company owners to build category-defining companies that address issues that are basic to the human condition and spirit. GoStudent, Masterworks, M1 Finance, Tovala, FightCamp, Wayflyer, and Blank Street are just a few of the companies in which we have previously invested.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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