<br><div><p><b><i><a target="_blank" href="https://www.coindesk.com/consensus2022/" rel="nofollow noopener" data-ylk="slk:Join the most important conversation in crypto and web3! Secure your seat today;elm:context_link;itc:0" class="link ">Join the most important conversation in crypto and web3! Secure your seat today</a></i></b></p><p>The collapse of <a target="_blank" href="https://www.coindesk.com/consensus-magazine/2023/03/13/the-banking-crisis-is-not-cryptos-fault/" rel="nofollow noopener" data-ylk="slk:three prominent U.S. banks;elm:context_link;itc:0" class="link ">three prominent U.S. banks </a>over the weekend led to market volatility and quite a lot of uncertainties as to the place buyers might stash their money. Gold, the age-old protected haven, noticed a lift in costs by about 5% since final week, and one other asset that caught buyers' consideration was diamond – digitized diamond.</p><p><a target="_blank" href="https://www.diamondstandard.co/" rel="nofollow noopener" data-ylk="slk:Diamond Standard;elm:context_link;itc:0" class="link ">Diamond Standard</a>, a blockchain firm that tokenized and standardized the diamond market to permit buyers purchase the beforehand hard-to-invest-in gemstone, stated it noticed a big spike in its market after the banks began to close down.</p><p>In periods of market uncertainty buyers usually flee to arduous property, similar to money, commodities and actual property to guard investments from volatility.</p><p>“[Sales] of diamond cash and different merchandise elevated considerably since Friday on the again of Silicon Valley Financial institution and Signature Financial institution being shut down by regulators, <a target="_blank" href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-depegs-from-1-circle-says-operations-are-normal/" rel="nofollow noopener" data-ylk="slk:USDC breaking its [dollar] peg;elm:context_link;itc:0" class="link ">USDC breaking its [dollar] peg</a> and amid fears of contagion spreading to different banks and to digital property,” stated Cormac Kinney, founder and CEO of Diamond Customary.</p><p>The corporate <a target="_blank" href="https://www.diamondstandard.co/buy" rel="nofollow noopener" data-ylk="slk:gathers physical diamonds together;elm:context_link;itc:0" class="link ">gathers physical diamonds together</a> in a "coin" of standardized worth that is saved in a vault. Every holds eight to 9 diamonds. The diamond-embedded tokens are digitized by means of an Ethereum-based digital coin, <a target="_blank" href="https://diamondstandard.co/technology" rel="nofollow noopener" data-ylk="slk:bitcarbon;elm:context_link;itc:0" class="link ">bitcarbon</a>, which is tradable on completely different exchanges.</p><p>Buying and selling quantity of the tokenized diamond jumped virtually 300% throughout the weekend as buyers scrambled to discover a haven, stated Kinney. A lot of the shoppers who needed to purchase tokenized diamonds needed to get out of stablecoins, he stated.</p><p><i><b>Learn extra: </b></i><a target="_blank" href="https://www.coindesk.com/policy/2023/03/12/circle-scrambles-to-right-usdc-after-signature-bank-failure/" rel="nofollow noopener" data-ylk="slk:Circle Scrambles to Right USDC After Signature Bank Failure;elm:context_link;itc:0" class="link "><i><b>Circle Scrambles to Right USDC After Signature Bank Failure</b></i></a></p><p>A lot of the shoppers that purchased into Diamond Customary’s cash had been long-only, that means they needed to purchase and maintain the asset to diversify their portfolios whereas collaborating within the upside, Kinney stated.</p><p>“Our buyers, who fairly often have gold of their portfolios, sees diamonds as one thing that's uncorrelated to different property,” offering them a chance for diversification and hedging, he stated. Kinney famous that the value of diamonds continues to be taking part in catch-up with different treasured metals, opening doorways for buyers to take part within the appreciation.</p><p><button class="link caas-button collapse-button" aria-label="" title="" data-ylk="elm:readmore;slk:Story continues">Story continues</button></p><p>A lot of the patrons are present prospects, which embrace people, household places of work and a few smaller hedge funds, Kinney famous. Through the chaotic weekend, <a target="_blank" href="https://spot.diamondstandard.co/" rel="nofollow noopener" data-ylk="slk:Diamond Standard Spot Market;elm:context_link;itc:0" class="link ">Diamond Standard Spot Market</a>, a peer-to-peer market with a centralized restrict order e-book, remained open 24/7 and dealt with a soar in volumes, the corporate stated.</p><p><i><b>Learn extra: </b></i><a target="_blank" href="https://www.coindesk.com/business/2022/08/26/blockchain-startup-aims-to-open-the-1t-diamond-market-to-more-investors/" rel="nofollow noopener" data-ylk="slk:Blockchain Startup Aims to Open the $1T Diamond Market to More Investors;elm:context_link;itc:0" class="link "><i><b>Blockchain Startup Aims to Open the $1T Diamond Market to More Investors</b></i></a></p><p>Kinney, a software program entrepreneur and developer of market <a target="_blank" href="https://www.techtarget.com/searchbusinessanalytics/definition/heat-map#:~:text=A%20heat%20map%20is%20a,to%20understand%20complex%20data%20sets." rel="nofollow noopener" data-ylk="slk:heat maps;elm:context_link;itc:0" class="link ">heat maps</a>, began Diamond Customary in 2018 with a purpose to open up the <a target="_blank" href="https://docsend.com/view/vfi3ixaxumhdgr8w" rel="nofollow noopener" data-ylk="slk:$1.2 trillion;elm:context_link;itc:0" class="link ">$1.2 trillion</a> diamond market to a wider group of buyers.</p><p>The agency's patented know-how is designed to create a extra clear system permitting buyers to trace provide chains and subsequent possession of the world’s final bling extra simply and effectively. The corporate additionally standardized the worth of diamonds by making a uniform system by means of blockchain know-how.</p><p>Kinney stated his firm primarily banks with Signature Financial institution, although it has relationships with different banks. Whereas the weekend’s occasions had been worrisome on the time, he says the corporate continues to be utilizing Signature Bridge Financial institution – <a target="_blank" href="https://www.businesswire.com/news/home/20230313005347/en/Signature-Bridge-Bank-Opens-its-Doors" rel="nofollow noopener" data-ylk="slk:a new interim entity;elm:context_link;itc:0" class="link ">a new interim entity</a> that can be briefly run by the Federal Deposit Insurance coverage Company (FDIC) – which has transferred all the deposits and majority of the property of former Signature Financial institution.</p><p>“We're utilizing Signature Bridge Financial institution. That’s the most secure financial institution on this planet proper proper now,” Kinney stated.</p><p><i><b>Learn extra: </b></i><a target="_blank" href="https://www.coindesk.com/business/2023/03/13/banking-crisis-wont-kill-crypto-banking-despite-short-term-pain/" rel="nofollow noopener" data-ylk="slk:Banking Crisis Won’t Kill Crypto Banking Despite Short-Term Pain;elm:context_link;itc:0" class="link "><i><b>Banking Crisis Won’t Kill Crypto Banking Despite Short-Term Pain</b></i></a></p></div>