The Koreans are known to get hectically involved when, high profile financial wagers are on offer. Cryptocurrency is one of the most powerful innovations to hit the financial world in decades. There was a time when major crypto currency prices in S.Korea were 30% to 50% higher than those in the USA. Interest in crypto currencies continues to grow at a rapid pace.
Given this scenario, GLITZKOIN readily accepted the offer to participate in the Korean Investor Meet. Presenting the project was diamond veteran and CEO, Navneet Goenka. The presentation was sharp and to the point, the invitees most of whom were seasoned crypto investors had just one thing on their mind. They wanted to know how the project would improve their stake.
The presentation began with a brief explanation on how, GLITZKOIN aimed to improve efficiency and market reach for the diamond industry. Being a second generation diamond professional, the CEO strategically narrated the inefficiencies and unproductive practices that plagued the 90 billion dollar industry. He went on to highlight the features of blockchain and digital currencies that, could help the industry achieve its full potential.
By allowing the listing of certified diamonds from all over the world on the blockchain, it would be possible for buyers to make a purchase without, having to pass through middlemen and brokers. Conventional diamond trade is characterized by multiple middlemen each of whom, adds a percentage to the price of the precious stone as a commission. The buyer ends up paying more for the diamond without, getting any added value in return.
The crypto currency implemented as part of the GLITZKOIN project, would help eliminate a significant challenge that diamond traders face. Banks are known to charge substantial banking fees and currency conversion charges for processing payments. By using the GLITZKOIN token to settle payments, it would be possible to bypass the cumbersome and expensive option of relying on the banking system.
And how would all these improvements in the diamond industry, benefit the investor. This was something that the South Korean crypto investors were eager to know. The essential requirement for token price appreciation is demand (for the token). Navneet Goenka went on to narrate numbers and even at a very conservative level, these were figures that would generate impressively high token usage.
The very modest target was to shift a mere 5% of the total diamond trade (90 billion dollars) to the GLITZKOIN diamond platform. With payments being settled using the GLITZKOIN token, this modest activity, would generate a massive demand for tokens worth about 4.5 billion dollars.
The CEO further explained how substantial groundwork, has been completed to attract diamond listings on the blockchain. Leveraging the network of leading diamond dealers that his family had nurtured for the past 50 years, the diamond veteran has already secured firm commitments from at least 30 large diamond sellers. While efforts are ongoing, the confirmed listings amount to diamonds worth about 2.5 to 3 billion dollars.
As the presentation ended, one could see the satisfied look on the faces of the investors. They agreed that the GLITZKOIN project as presented by CEO Navneet Goenka, was backed by a very strong strategy. The days and weeks ahead, will be spent in holding one-on-one meetings with interested investors.