EXCLUSIVE: Diamond Standard Partners With Simplex, Bridging The Fiat-Crypto Gap For Global CARATS Access

Diamond Standard Co., the company behind the world's "only regulated and market-traded natural diamond commodities" called CARATS™, has just announced a partnership with fiat and crypto payment gateway Simplex by Nuvei to allow for seamless payment solutions, digital assets included, for holders of CARATS.

CARATS, Diamond Standard Co.'s digital commodity tokens issued by real-world Diamond Standard Coins and Bars, are now listed on Simplex. They have also been made available for onramps on some of the world's leading exchanges and wallets and to the entire partner network of Simplex, which boasts of more than 350 entities. Simplex, with its payments on-ramp infrastructure technology, will also be integrated into the upcoming CARATS mobile app, so users can transact using their mobile phones.

Under the collaboration, users can now purchase CARATS using fiat, credit cards, and most cryptocurrencies for speedy value transfer. Businesses and individuals can use their CARATS for various transactions such as payments, transfers, online services, and many more. They can also send cross-border remittances and redeem CARATS earned online through rewards or online gaming.

"Many money transmitters are stuck in the past, neglecting all the tools available or bound by the legal and regulatory hurdles of payments and money transfer. This is a tough nut to crack even for forward-thinking payment innovators like Elon Musk, whose X (formerly Twitter) platform is unable to do business as a money transmitter in 24 U.S. states and 200 other global jurisdictions," Cormac Kinney, founder and CEO of Diamond Standard Co., told International Business Times. "Through this partnership, CARATS can now be used for instant money transfer without the headaches people traditionally face," he added.

Simplex banks on its tagline of "old money, meet new." It enables "painless" crypto payments and is trusted by its many e-commerce, fintech, and blockchain partners to facilitate fiat-crypto conversion.

The partnership announcement came a month after Diamond Standard told IBT that it is looking at possibilities for expansion in the Asia Pacific region, which has some of the world's largest unbanked populations. The company is already in talks with some retailers in the Philippines, Vietnam, Thailand, and Hong Kong.

CARATS, which was listed on the leading crypto exchange Bitrue in March as the first fungible commodity currency, eliminates the need for a money transmitter license since the products are a legal commodity. Businesses and individuals can use any accepted payment cards or local currency to purchase CARATS and send them across the world via SMS. CARATS can also be sold to a local agent in exchange for local currency.

With the partnership, Diamond Standard Co. and Simplex are bridging the gap between traditional fiat currency and digital assets for CARATS holders who are also crypto owners and enthusiasts.