TORONTO, Jan. 04, 2016 (GLOBE NEWSWIRE) -- Precious Investments Inc. (OTC Markets:PNIK) and its subsidiary , BitGem Asset Management Ltd. (BAM), announces that it will launch the forthcoming crowdsale of the first diamond backed cryptocurrency in the world, the PinkCoin, on January 18th, 2016, beginning at 9 am EST.
PinkCoin is an Ethereum (http://ethereum.org) based cryptocurrency backed by a pool of fixed colored diamond assets kept in trust by BAM. All escrowed diamonds have been independently appraised and certified. The diamonds are insured by Lloyds of London.
BAM has enabled a PinkCoin token to initially represent a fraction of the initial set valuation of the Pool of Diamonds, in specific, the fraction representing 1 USD of the initial set valuation, thus giving the crowdsale participant a new investment tool for use in their investment strategy. The diamond pool shall be valuated on a regular basis and PinkCoins are redeemable for Bitcoins or individual gems, based on the diamond pool's most current valuation as described, in full, in the crowdsale terms and conditions provided at the web address http://bitgems.io/pinkcoin-sale-terms.
The initial crowdsale will comprise of 5,000,000 PinkCoin tokens, with the initial diamond asset pool having been valued at 5,000,000 USD. In future offerings, BAM can issue up to 95,000,000 new PinkCoin tokens in a non-dilutive manner as described, in detail, in the PinkCoin crowdsale terms and conditions.
Holders of PinkCoin will be able to trade PinkCoins for other assets and asset pool backed tokens on The BitGem Decentralized Marketplace which is anticipated to be available in Q2 2016. Users can also store and trade PinkCoins with any wallet and exchange provider that supports tokens that allow trading of tokens which follow Ethereum's standardized contract APIs, including the official Ethereum client implementations.
Dr. Nataliya Hearn, Precious Investments Inc., CEO, states, “We are extremely excited of this official launch and colored diamonds are the rarest commodity in the world and quite simply the worlds most concentrated form of wealth; it is expected that this trend will continue. The current global yield of colored diamonds mined per year will slow down significantly as the largest producer, the Argyle mine in Australia, which produces 90% of the worlds pink diamonds is already scheduled to close in the next decade. This is happening while demand from the jewellery industry keeps rising. Pink and other fancy grade colored diamonds are the only asset class that have consistently increased in value well over 10% per year and they are the only commodity that has not decreased in price since they began being tracked in 1959. This will only enhance the validity of PinkCoins in the market place.“
Blockchain technologies represent the next evolutionary leap in e-commerce; they enable masses to invest in this asset class with fractional ownership and allow for frictionless trade across borders thus providing liquidity, they bring programmable contracts with applications like Smart Investment Plans, and many more to developers who can build further on these assets, they to bring unforgeable provenance to supply chains. We are very excited to see what people decide to do with their PinkCoins.
Mr. Kashif Khan, Precious Investments Inc. President, predicts that the BitGems decentralized platform will quickly become the premier marketplace for the trade of diamonds online and that the launch of the PinkCoin cryptocurrency will be a powerful signal for diamond market participants to the new opportunities decentralized commerce can bring the industry.
More information on the launch can be found at the web address http://bitgems.io/pinkcoin
About BitGem Asset Management Ltd.
BAM is a company aiming with the goal of bringing liquidity, global reach, fraud control and provenance to the wholesale jewellery trading industry through developing an efficient online marketplace for the trade of jewellery related assets though the use of blockchain and related technologies.
About Precious Investments Inc.
As of August 2015, Precious Investments Inc. has entered the color diamond trading business after purchasing a portfolio of wholesale colored diamonds for 4 Million USD.
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