Cryptocurrency and ICO news 16.08.2018
Pure Diamond Farm plans to raise $200 million on ICO to develop diamond business
Pure Diamond Farm announced that company is planning to raise $200 million on ICO to fuel the development of lab-grown diamonds business. Two-thirds of the fund will go to plant and equipment investment, intellectual property rights, and R&D.
Hideyuki Abe ditched the traditional fundraising route and is now eyeing to raise US$200m through a token sale. The deciding factor was speed, and Abe believed that it was important to get a firm footing in what he believes will be a highly promising industry due to the intrinsic advantages that lab-grown diamonds provide compared to expensive, low-supply nature-made diamonds. “This market is new and I wanted to start this project as soon as possible, so I chose ICO in Singapore.” Abe said.
The Pure Diamond ICO is scheduled on September 11 to November 15, 2018, and the company will offer investors cryptographic currency called Pure Diamond Coin, which can then be used for trading its lab-grown diamonds that take around one-a-half months to produce from a process involving carbon, gas and electricity.