Diamond Standard Raises $30M to Transform the Diamond Market with Blockchain

Blockchain startup Diamond Standard has successfully raised $30 million in a Series A funding rounds by Left Lane + Horizon Kinetics. This funding round, announced in May 2024, aims to further Diamond Standard’s mission of transforming the diamond market by tokenizing diamonds to create a new investable asset class.

Diamond Standard leverages blockchain technology to bring transparency and liquidity to the diamond market, which has traditionally been opaque and illiquid. By creating tokens that represent ownership of physical diamonds, the startup enables investors to buy, sell, and trade diamond assets with ease and confidence. This innovative approach not only democratizes diamond investment but also integrates the precious stone market into the broader financial ecosystem.

The funds raised will be used to expand Diamond Standard’s operations, enhance its blockchain infrastructure, and support the regulatory and compliance aspects of its business. This significant investment highlights the growing interest in blockchain applications beyond cryptocurrencies and showcases the potential of blockchain to revolutionize traditional markets.

Diamond Standard’s unique proposition lies in its ability to offer a standardized and fungible diamond product, similar to gold or other commodities. This standardization is achieved through rigorous quality control and certification processes, ensuring that each diamond token corresponds to a physical diamond of verified quality. The use of blockchain ensures that all transactions are transparent, immutable, and easily auditable, thereby building trust among investors.

References

CoinDesk. (2024, May). Blockchain Startup Diamond Standard Raises $30M to Fund Expansion. Retrieved from CoinDesk