Dr. Amit Lakhanpal ventures into crypto assets

Dr. Amit Lakhanpal led Al Kasir Group has announced its foray into crypto assets, a move that marks the next level of evolution in the era of crypto currency.

This would be the first instance where a company is offering physical possession of diamonds and other valuable merchandise equivalent to the amount being spent by the buyer on crypto asset portal.

This is also the first time that crypto assets will be available for purchase across the counter.

The company aims to open 1,000 stores across the world for this in all major markets including south-east Asia, Europe, UK and gulf countries (except Qatar).

Al Kasir Group is a joint venture between Dr. Amit Lakhanpal and private office of His Highness Sheikh Ahmad Bin Obaid Al Maktoum who belongs to the members of royal family of the ruler of Dubai.

"Crypto asset combines the convenience of digital currency with the stability of traditional assets. We are glad to partner this novel concept which will not only showcase our commitment to new age technologies but also allow people from across the world to procure and own precious gems and other items," said Dr. Amit Lakhanpal.

The company will launch three unique forms of crypto assets that will be backed by an equivalent value of diamonds - Al Mas Coin (AMD - redeemable against diamonds), Al Haqeek Coin (AHP - redeemable against precious gems) and Al Falah Coin (AFO - redeemable against perfumes, Oud, Attar and Bakhoor perfumes, Oud, Attar and Bakhoor).

"As a company we are constantly looking at enhancing value for our customers in the area of crypto currency. With transparency and value for our end customers as key mantras, this new tie-up will allow customers to own the most valuable asset known to mankind - diamonds. It will also quell apprehensions about the "Return on Investment" as the buyer will be entitled to physical possession of assets against the money spent on the crypto currency. Besides, we are also opening stores for across the counter purchase of crypto assets, another first in the world," said Dr. Amit Lakhanpal.

Crypto asset essentially is a diamond backed unit which can be purchased on company's online shopping portal which will be announced on April 15, 2018.

Any person who wishes to invest in crypto asset will have to spend a minimum of USD 250 against which he will be given Indian Gemological Institute (IGI) certified diamonds of the same value after the completion of ICAO (Initial Crypto Asset Offering).

Along with the diamonds the buyer will also get crypto coins.

These crypto coins can subsequently be used to physically procure a range of products like precious stones, perfumes, Oud, Attar and Bakhoor etc. from the company's online shopping portal.

The buyer can redeem only 50 percent of the product purchase value in crypto currency and the remaining 50 percent will have to be made via currency payments.

This brave new move opens a plethora of opportunities for similar business to take advantage of the disruptive block-chain technology however the Money Trade Coin Group seems to be ahead in their game already.