Developed by AssetOnChain, EverCarat is the inaugural global trading platform for physically-settled investment-grade diamonds, by matching sellers and buyers to trade diamonds with a transparent bid/ask price in a secure environment.
Rico Tang, Founder and CEO of AssetOnChain, said: “The high store value and low volatility of investment-graded diamonds make them an ideal tool for asset allocation and collateralized financing, and similar to trading traditional assets such as gold and stocks. Our blockchain technology provides a credible and transparent source of high-value diamonds that meet the requirement of collateral. We are very pleased to be partnering with Fulbright Finance to take the lending service live.”
Mr. Kwok Chun Wai, Chairman of Fulbright Finance Ltd, said: “As an international financial centre, Hong Kong is well-positioned to develop into a global diamond trading hub. We see great potential for high-value diamond-back financing business. EverCarat’s ability to facilitate secure and convenient trade in physical diamonds all year-round makes it an ideal partner.”
EverCarat was developed by Hong Kong fintech start-up AssetOnChain, a member of the Hong Kong Science and Technology Park’s ‘Incu-Tech’ programme. Only GIA double-verified and sealed, investment-grade diamonds are traded on EverCarat platform, where origin, ownership and transaction of diamonds are fully traceable and recorded by emerging blockchain technology. Owners can now pledge their diamonds in exchange for a collateral loan provided by Fulbright Finance based on the value of the diamonds. The lender takes digital possession of the collateral whilst the physical asset remains in the secured vaulting facility provided by the third-party custodian when borrower repays the loan.
Background on AssetOnChain
AssetOnChain Technology Ltd is a fast-growing blockchain and financial technology company which seeks to unlock illiquid commodities and products as new asset classes by integrating blockchain technology and exchange system. Developed by AssetOnChain, EverCarat is the first global physical diamonds trading platform powered by blockchain technology and exchange system. Fully digital, transparent and secure, EverCarat connects sellers and buyers across the globe, so they can trade diamonds as easily as they can trade any other traditional assets such as gold, currencies or stock. Enhanced price transparency and liquidity can also lower transaction cost for investors.
The founders of AssetOnChain include former senior executives from Reuters, Samsung as well as Exchange Operators in China and Hong Kong. The team has a proven track record in Asia Pacific founded on its deep understanding and knowledge of financial technologies, and the operation of both exchanges and mobile internet ecosystems.
Background on Fulbright Finance Limited
Fulbright Finance Limited is dedicated to provide a broad range of financing services to customers in Greater China. It holds a valid Money Lenders Licence granted by the Hong Kong government since 2012. Fulbright Finance strives to provide a highly convenient, speedy and professional services to investors who have a strong desire to maximize profit return and with respective financing needs. Offering a highly diversified financing service, Fulbright Finance is strongly funded by shareholders who have a strong and solid financial background in Hong Kong and China.