We are ecstatic to announce that Glaze Diamonds is the first diamond trading company to have signed an agreement with Binance to incorporate a crypto wallet for diamond trading. We believe this is the revolution the industry needs to make diamond trading easier and more flexible than ever.
Diamond trading has had a shift in its paradigm since the old days. With more and more e-commerce payment options, online buying and selling of diamonds has become popular. This has created easy payment opportunities with PayPal, direct bank transfer, credit and debit cards, digital wallets, etc. in comparison to traditional cheque and cash on collection methods. While the world took its sweet time to fully embrace these modern techniques- even more advanced and sophisticated solutions with blockchain emerged.
Blockchain technology has caused a significant change in the payment infrastructure. Discarding the expenses and time banking systems require, it provides a peer-to-peer platform service to transfer cryptographic (or crypto) currency in a decentralized format.
The Problem in such high-paying industries like the diamond industry, is the issue of security with the purchasing process. The payments need to be processed ensuring utmost security and safety because even a little breach can create a significant impact.
So how is the world going to accept a decentralized and volatile currency? Is it safe? Can we trade using cryptocurrency?
Let’s find out!
Diamond Trading
Diamond is the world’s ultimate bling– the most concentrated form of wealth. Even small fancy colored diamond (specially pinks and blues) can be worth millions of dollars. When trading with such an expensive market, the payment is often an issue. Further, clients come from all parts of the world, and centralized payment systems have restricted guidelines and standards. Moreover, they are not borderless or free, and take time to process.
Instead of the traditional payment methods, cryptocurrency can be used to trade diamonds to resolve the payment issues faced by clients. Cryptocurrency, alike to diamonds is more concentrated than cash. It is quick, free and is not regulated by any one institution. This is a two-way win, one our clients have more flexibility in payment options, two we attract a whole new audience of crypto investors towards the ultimate luxury investment- diamonds.
Cryptocurrency
You've probably heard the term "cryptocurrency" thrown around now and then, but what exactly does it mean? Simply put, cryptocurrency is a form of currency that only exists online. It does not have a physical form, but rather exists in a blockchain on a server, which stores transaction data in blocks. They are not backed by a bank or can be termed as decentralized. They are highly secure with all transactions being encrypted to protect personal information; however, they cannot be regularly used for online purchases. They are frequently purchased as an investment rather than to secure purchases. To combat this many exchanges have incorporated a payment gateway which can use cryptocurrency.
Collaboration with Binance
At Glaze Diamonds, we believe one must grow with advances. We love to innovate and be technologically advanced in all business aspects. Realizing the need and potential of a crypto wallet, we have recently partnered with one of the leading exchanges- Binance to bring this dream into reality.
We have taken the initiative to integrate Binance pay on our website to diversify payment options for our customers. Now our customers will be able to trade in diamonds with more than seventy cryptocurrencies.
Binance is todays leading cryptocurrency trading platform. It offers a robust selection of trading options and features, including an impressive selection of market charts and a wide range of cryptocurrencies. There are about 365 cryptocurrencies available for trade on its exchange and it supports a variety of fiat currencies, including USD, EUR, AUD, GBP, HKD, RUB, INR and more. Binance’s fees are among the lowest in the industry, and it has its own secure payment system- Binance Pay.
Binance Pay is a contactless, international, and secure payment system. It is a brilliant advancement in the world of cryptocurrencies as a user-to-user cryptocurrency payment service that makes payment transactions less difficult and demonstrates Binance's dedication to making things simple. The platform makes it simple for users all around the world to send and receive bitcoin payments.
Binance Pay offers utmost security for all assets- and is widely trusted and used by many. We are just incorporating this new, easy, quick, and secure payment option created by Binance.
Conclusion
The world is shifting technologically and, transforming with the advances of the world is what is needed for any business. Like every industry, the diamond industry has taken initiatives for technological advances. Digital transformation in the end is what will ensure consistent business growth and keep your business blooming and relevant for all masses. It attracts a whole new audience and helps different people connect with your brand. We strive to be technologically very forward with our business.
Tokenizing diamonds is what we aim for further. We believe tokenizing will make investing in precious stones and diamond easier and more effective. Another thing we look forward to and believe has great potential in this industry is the metaverse. With more and more companies going on the metaverse, as a luxury brand it is something inevitable and something which can truly revolutionize the industry.
As of now, we are excited with our collaboration with Binance. We in no way or form, are giving any form of financial advice on crypto investments but are merely allowing more scope for the business payment options through integration of a crypto wallet for our clients.
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