TechFinancials Inc. Launch of CEDEX (7915I)
November 28 2018 - 6:45AM
UK Regulatory
TIDMTECH
RNS Number : 7915I
TechFinancials Inc.
28 November 2018
28 November 2018
TechFinancials, Inc.
Launch of CEDEX - Blockchain Diamond Exchange going live in Beta
mode
TechFinancials (AIM: TECH) (the "Company" or the "Group"), a
fintech software provider of financial solutions including
blockchain-based digital assets and traditional financial trading
solutions for retail clients, is pleased to announce that the CEDEX
blockchain diamond exchange ("CEDEX") has gone live in Beta mode,
allowing investors to trade diamonds as a financial asset class.
TechFinancials has a 2 percent interest and an option to acquire a
further 90 per cent of Cedex Holdings Ltd, the holding company for
the CEDEX blockchain-based online exchange for diamonds which would
give TechFinancials up to 92 % of CEDEX or 87.4 % on a fully
diluted basis.
TechFinancials has played a major role in the launch of CEDEX as
the main provider of the infrastructure, blockchain and smart
contract development on which the CEDEX platform is built.
CEDEX allows investors to securely and easily trade in digitized
diamonds (DDC - Digital Diamond Certificate), while enabling
diamond holders to liquidate their assets. Using the innovative DEX
proprietary algorithm and blockchain technology, CEDEX has overcome
the three main obstacles that have prevented diamonds from becoming
a tradable asset class: lack of transparency, liquidity and
standardization.
In order to overcome these obstacles, CEDEX has focused on the
following activities over the past six months:
-- Developing the proprietary DEX algorithm and building the
diamond commodity exchange in conjunction with TechFinancials;
-- Establishing business relations with diamond dealers in order
for them to supply the initial diamond inventory on the CEDEX
platform, which will comprise over 2000 diamonds in specific
categories, at the time of the launch;
-- Constructing the complex logistic business solution to
support the product launch, including setting up business relations
with custodians, GIA (Gemological Institute of America) and
shipping partners;
-- Obtaining the legal approvals to offer the phase one product worldwide.
Asaf Lahav, Chief Executive Officer of TechFinancials commented:
"We are delighted to have played a pivotal part in the launch of
the first blockchain-based diamond exchange in the world. This
milestone achievement is testament to the innovative capabilities
of both CEDEX and TechFinancials to build a new, ground breaking
platform and we look forward to updating the market on its progress
in due course."
Saar Levi, Chief Executive Officer of CEDEX stated: "This is a
major step forward in our exciting journey to transform diamonds
into an asset class. At CEDEX, we are commited to realizing our
long term vision in which both institutional and individual
investors will be able to trade diamonds as one of the leading
commodities."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information:
TechFinancials, Inc. Tel: +972 54 5233
943
Asaf Lahav, Group Chief Executive Officer
Yuval Tovias, Chief Financial Officer
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383
5100
Colin Aaronson / Samantha Harrison / Seamus
Fricker
Northland Capital Partners Limited (Broker) Tel: +44 (0) 20 3861
6625
David Hignell / Rob Rees
Peterhouse Corporate Finance (NEX Corporate Tel: +44 (0) 20 7469
Adviser and Joint Broker) 0930
Fungai Ndoro / Eran Zucker
Media enquiries:
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7748 843
871
Charles Goodwin / Katie Bairsto
About TechFinancials
TechFinancials, Inc (AIM: TECH) is a fintech software provider
of financial trading solutions, including blockchain-based digital
assets and traditional financial trading solutions for retail
clients. The Group operates a B2B division licensing white label
trading platform solutions to online brokers. In addition, the
Company operates a B2C division operating trading platform
incorporating a strategic joint venture focusing on solutions for
traders in the Asia Pacific region.
The Company currently holds a 2 % interest and an option to
acquire a further 90 % in CEDEX, a blockchain-based on-line
exchange for diamonds, which would give TechFinancials up to 92 %
of CEDEX or 87.4 % on a fully diluted basis.
Further information can be found at
http://techfinancials.com.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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