Cryptocurrency start-up Carats.io has appointed Eli Avidar, former managing director of the Israel Diamond Exchange and the Israel Diamond Institute, as its new president.
Avidar left those posts in May. It was previously reported that he was planning to enter politics.
Israeli start-up Carats.io, which is supported by the Israeli exchange, has issued the first cryptocurrency backed by diamonds, which it has tokenized through an algorithm that compares individual diamond grades to daily market conditions.
The company, which is audited by international accounting firm Ernst & Young, raised $1.6 million in its first financing round.
“The international financial community is divided into those who are wary of digital currencies and those who are seeking a way to invest in them,” Avidar said in a statement. “Regulators in the major markets are working intensely to find ways to integrate digital currencies into their trading systems.”
(Image courtesy of Israel Diamond Institute)