Investors are flocking to tokenized diamonds as a safe haven in the wake of the recent banking crisis. According to Diamond Standard, sales of its digitized diamonds surged by 300% over the weekend as investors sought to diversify their portfolios and protect their investments from volatility.
The collapse of three prominent US banks over the weekend led to market uncertainty and a rush to safe assets, such as cash, commodities, and real estate. The digital coin, bitcarbon, is used to digitize the diamond-embedded tokens that are stored in a vault, providing investors with an opportunity to participate in the appreciation of diamonds, which are still playing catch-up with other precious metals.
Diamond Standard's peer-to-peer marketplace handled a jump in volumes during the chaotic weekend, and most buyers were long-only, meaning they intended to hold the asset for the long term. Diamond Standard aims to open up the $1.2 trillion diamond market to a wider group of investors by creating a more transparent system that tracks supply chains and ownership through blockchain technology.
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