Diamonds are Forever on the Blockchain as Bitfinex Lists Gem Exchange and Trading (GXT) - Bitfinex blog
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01 Jul Diamonds are Forever on the Blockchain as Bitfinex Lists Gem Exchange and Trading (GXT)

Posted at 09:48h in Media Releases by


ROAD TOWN, British Virgin Islands – JULY 1 2022 10:00 AM UTC – Bitfinex (https://www.bitfinex.com/), a state-of-the-art digital token trading platform, announced today that it has listed Gem Exchange and Trading (GXT), a utility token for the GXT ecosystem, providing holders with access to a suite of services on a platform that aims to use the blockchain to disrupt the global diamond market.

GXT, an ERC-20 utility token, can be used for purchasing diamonds, along with other services. GXT holders can stake on the GXT platform to earn rewards or choose to use the utility token to participate in diamond auctions. 

GXT deposits and trading will provisionally open on 4/07/22, with trading pairs US Dollars (USD) and Tether tokens (USDT) available for trading on 07/07/22.

The GXT Platform allows customers to select and purchase more than 10,000 diamond gemstones and diamond jewelry products, graded into different types on the platform. When a product is purchased the customer receives a GXT NFT that records diamond information, using the immutability of the blockchain, that can be used as a warranty.

“We are delighted to welcome GXT to the Bitfinex digital token ecosystem,” said Paolo Ardoino, CTO at Bitfinex. “GXT has the potential to try and disrupt the global diamond market and represents an exciting opportunity to participate in a new market on our exchange.”

“We are really delighted to be listed on Bitfinex, which is well known as one of the most well established exchanges in the digital token industry,” said Jay Koh, Chief Executive Officer at GXT. 

According to Grand View Research, a market research and consulting firm, the global diamond market will have a compound annual growth rate of 3 percent from 2019 to 2030, adding about US$2 billion into the ecosystem during this period. Grand View Research found that the global diamond market size was valued at US$87.31 billion in 2018. 

For access to GXT on Bitfinex, users can visit https://www.bitfinex.com/. 

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About Bitfinex
Founded in 2012, Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market, and financed trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for professional traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.

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