Glitzkoin participated in Crypto Syndicate's Investors Meet in Seoul on the 14th of June. Presenting the project was diamond veteran and CEO, Navneet Goenka.
Kuala Lumpur, Malaysia -- (ReleaseWire) -- 06/17/2018 --It was clear from the moment that GLITZKOIN CEO Navneet Goenka began his presentation at the Korean Investors Meet that, most of the investors had a fairly good idea about the project.
They did understand how the blockchain based diamond trading platform and crypto currency would benefit the diamond industry but were keen to know how that would translate into gains for the investor.
To answer this question, the CEO took a deep dive into facts and targeted numbers. The key to get token price appreciation would be to generate demand for it. The higher the demand the higher the scope of a price rise. Interestingly Navneet Goenka happens to be a well known face in the industry, he is a second generation diamond veteran.
Diamond trade is valued at roughly 90 billion dollars, GLITZKOIN has very conservatively targeted a 5% share of this trade. Coming from a family that has been a leading player in the global diamond industry for almost 50 years, the CEO is confident that the target can be comfortably achieved. The 5% translates into a massive 4.5 billion dollars.
The crypto currency launched by the project, will be used to settle payments for trade done on the platform. With 4.5 billion dollars transacted on the blockchain, it is not difficult to estimate the huge demand that will be generated for the GLITZKOIN tokens. And it is this demand that has the power to drive up the price of the token.
The above explanation seemed to satisfy most of the investors at the Korean meet but, CEO Navneet Goenka went on to elaborate on two important points.
The first, related to the willingness (or otherwise) of diamond traders to embrace a digital currency. The diamond veteran explained how the banking system, adds overhead costs to each transaction. Expensive fees and currency conversion charges, are a common occurrence. Using a crypto currency will diminish the reliance on the banking system. This is precisely the reason why the diamond community would be glad to use a crypto currency to pay for their purchases.
The second issue that the CEO talked about, related to the listing of diamonds on the GLITZKOIN diamond blockchain. Negotiations were already underway he said and firm commitments, had been received from at least 30 diamond sellers. This would translate to diamonds worth about, 2 to 3 billion dollars.
As the presentation came to its conclusion, the GLITZKOIN CEO began preparing for private talks with prospective investors. Many of them wanted to better understand the project and evaluate the potential of the crypto currency.