Expobank, a large financial institution in Russia, has reportedly issued the first tokenized diamond offering in the country. According to local media, Expobank used the Multichain blockchain platform to issue these tokens, with each one of them having the value of 1/5,000 of a diamond, democratizing access to these investments in gemstones for small investors.
Expobank Pioneers Diamond Tokenization in Russia
Expobank, a financial institution with more than 50 offices in Russia, has entered the market of gemstone tokenization. The bank recently issued the first tokenized diamonds in the Russian market using the Multichain blockchain, intending to democratize the gemstone market and allow small investors to enter these investment opportunities.
The tokens were issued for a three-carat diamond with a value of 9 million rubles ($97,500). Expobank issued 5,000 tokens for the diamonds, each with a price of 1/5000 of the total, leaving each token costing less than $20.
The tokens, which were
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