Blockchain startup Diamond Standard, which is tokenizing diamonds to create a new investable asset class, raised $30 million in a Series A funding round led by venture capital firm Left Lane and investment management firm Horizon Kinetics.
Diamond Standard is aiming to use the new funding to expand its production capacity and accelerate distribution of its tokenized products, according to a statement. “With the recent launch of the Diamond Standard Bar and Diamond Standard Fund, additional production capacity is needed to meet rapidly growing investor demand,” the company said.
“The firm is hiring aggressively and building a new bar assembly facility in collaboration with the International Gemological Institute,” the statement added.
The diamond industry has historically struggled to attract investors, despite its allure for jewelry, mainly due to the lack of a uniform system for standardizing the value of the precious gem. Diamond Standard is aiming to change that by making...
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