New York City/Singapore, May 16, 2024 (GLOBE NEWSWIRE) -- 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 Commodities
Diamonds 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 CARATS
One 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 Transmission
When 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 Cases
CARATS 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 Nuvei
Simplex 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 Standard
By 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 Standard
Diamond 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/dscarats
Media contact: carats (at) transformgroup.com
Sales: hello (at) diamondstandard.co
