IslamicFinance.de

Dubai's Al Kasir Group and Sheikh Ahmed bin Obaid Al Maktoum have jointly initiated the launch of a new crypto asset backed with diamonds. The crypto assets can be redeemed for diamonds of the same amount. Amit Lakhanpal, the founder of Al Kasir Group said this venture offers the convenience of a digital currency with the stability of a traditional asset. The name of the crypto assets unveiled at the event were Al Mas, Al Haqeek and Al Falah. Al Haqeek can be redeemed against precious gems. Al Falah can be redeemed against perfumes. The company plans to open 1,000 physical stores for customers across Gulf, South East Asia, Europe and UK. The crypto assets could be purchased over the counter.