CEDEX, a blockchain-based online diamond exchange, has officially begun the pre-sale stage of its new token, which will be used for the exchange of diamonds on the blockchain.
The company initially took form when it entered an agreement with TechFinancials, in which the latter acquired a 2% stake in CEDEX in exchange for a $400,000 unsecured loan.
TechFinancials also received the additional option of purchasing another 90% share of CEDEX at a later time. The option can be exercised during a 3-year period from the time the loan was issued back in October of last year.
The underlying goals of CEDEX is to transform the traditional diamond industry into a technology-based tradeable asset class.
Finance Magnates reported last month that CEDEX had successfully raised $20 million prior to even entering the pre-sale stage, which is now officially open to the public.
Demand for the project appears to be gaining momentum, which is aided by the fact that TechFinancials is providing technological developments for the project, as part of its interest in the company.
CEDEX’s pre-sale stage officially commenced earlier today, and the current token pricing is listed at 1 ETH per 900 CEDEX tokens. According to CoinMarketCap, the current price of Ethereum at the time of this writing is $609, placing the value of each CEDEX token at roughly $0.67.
The CEDEX management team has indicated that demand for the tokens is strong, and the company will hold the pre-sale stage of the ICO for a period of 10 days.
TechFinancials, a financial technology provider that has been highly active in the FX and CFD industries, has managed to diversify its holdings and operational capacity to include various avenues of the financial industry.
While some of the company’s activities in the aforementioned industries have been lucrative, the company has also halted its participation in the binary options space, which was a prosperous proposition for a considerable period of time.
TechFinancials has recently shifted its attention toward developing blockchain-based financial technology and solutions, amid a wave of demand for digital assets.