GTN Token To Settle Payments On DiaEx, The Basics

The diamond community and the crypto world are well aware that, the GTN crypto token would be the mode of payment used on the Glitzkoin DiaEx diamond exchange. Facilitating trade in diamonds at the B2B and B2C levels, the DiaEx platform is designed to improve the efficiency of the supply chain for the glittering stone. The Glitzkoin project is the brainchild of second generation diamond veteran Navneet Goenka.

A prominent objective of the project is to boost market sentiment for diamonds – in simple terms, to increase the market size for the precious stone. So what exactly are the implications and procedures involved, in using a crypto to make payments on the blockchain based diamond trading platform.

The GTN crypto token is listed on crypto exchanges, the token can be tracked and traded on any one of the exchanges. It is important to understand that, the token trade is not restricted to traders on the DiaEx diamond exchange. Crypto space enthusiasts, continue to trade the Glitzkoin GTN token on the exchanges. The idea is to make a profit based on the variation in the price of the crypto.

Diamond buyers would identify the stone on the DiaEx exchange that interests them and learn about its features. The next step would be to make a buying decision. The total amount to be paid for the diamond would be displayed on the DiaEx screen.

With the transaction reaching the payment phase, it would be necessary to buy GTN tokens of equal value. Presuming that the (diamond) buyer has no stock of GTN tokens, the next step would be to access a crypto exchange that lists the GTN token for sale. The exchange would clearly display the current price of the GTN token. Beginners might find it convenient to purchase, the exact quantity of GTN tokens required to cover the payment due.

The next step would be to open a private crypto wallet, this to accept the GTN tokens purchased. On completion of the purchase, the wallet would loaded with the purchased tokens.

Back on the DiaEx platform, the (diamond) buyer would proceed to make payment for the purchase. What essentially happens is that, the corresponding GTN tokens move from the buyer’s wallet into the sellers’ crypto wallet. The process of physically transferring the diamond to the buyer, would then begin.

So what are the advantages of using a crypto on the DiaEx diamond exchange. Banking procedures can be lengthy and expensive, issues related to multiple currencies and their conversion can further complicate the process. Using a crypto currency to make a payment, would significantly reduce the time and cost required to complete the transfer. The setup of a crypto wallet and learning a few procedural steps, involves a onetime effort.

GTN Current Status:

  • The Glitzkoin GTN token was offered at $0.20 during the ICO which was successfully completed in June 2018. 
  • The token was listed on Stellarport in July 2018, most cryptos launched during that time recorded steep losses. 
  • Backed by strong support from the crypto community, the GTN token hovered in the $0.20 to $0.22 range until October 2018. 
  • Crypto markets went through some turbulent times starting November 2018 and the situation, carried into 2019. 
  • Backed by a sturdy project plan, Glitzkoin attracted seasoned crypto traders even through those tough times. 
  • At a time when crypto stalwarts like BTC and ETH lost up to 50% of their value, the GTN token climbed to an impressive $0.30. 
  • A January 2019 announcement confirmed that, Glitzkoin had become an official payment partner on the online ticketing portal – 
  • Visitors at the ticketing portal, could soon pay for their purchases using the GTN token. This would generate an additional stream of demand for the token. 
  • The news that the Glitzkoin GTN token would soon trade on the DOBITRADE exchange, came in March 2019. 
  • Aware of the higher trade volume of DOBITRADE, crypto enthusiasts sought to increase their GTN holdings. This pushed the token beyond the $0.30 mark. 
  • Glitzkoin management has confirmed that, negotiations are at an advanced stage, for additional exchange listings for the GTN token. 
  • With complete implementation of the DiaEx trading platform and agreement scheduled for 2019, the GTN token is ready to receive demand from 3 distinct sources. 


Related Resources: [DiaEx Updates] [Glitzkoin Infopedia]