A banking firm in Switzerland has opted for its clients to be able to get involved in initial coin offerings in an easier manner.
The bank in question, Swissquote, has previously let customers trade with crypto. Although this is an unusual service for traditional financial institutions to offer. In addition, Swissquote offers traditional FOREX trading and the range of services that traditional banks offer.
The first ICO to be offered as an investment option on the banking platform is called LakeDiamod. This is a lab-designed diamond firm which is raising money to purchase to equipment. In the future, more ICOs will be offered.
In the pre-sale of this ICO (which is currently still ongoing) it offers a ten percent bonus up to four million CHF however, the regular public sale won’t be open until the turn of the year in January. Buyers will most likely not have the chance to realise any gains or exchange their tokens for other cryptocurrencies before the spring.
As put by CCN the token itself is said to, be equivalent in value to:
“1 (one) minute of growth reactor operating time, which produces lab-grown diamonds. One minute is the smallest possible unit, so the tokens are non-divisible past this point. If a diamond plate takes 180.5 minutes to grow, it will consume 181 LKD.”
There is going to be just under 7 million tokens in circulation and the funds raised will be used to improve and expand the company’s operations. Within the system, the tokens will have utility.
Lab-grown diamonds happen to be a growing industry which advertises themselves on the fact they are more ethical. Like most industries which require entry into disadvantaged countries and massive labour forces, the diamond industry has its share of detractors.
Despite this, not everyone thinks they are ethical. But the fact is is that they do not require the same amount of labour and if they become more then thousands will see themselves out of work.
Of course, there isn’t anything unethical about helping a company grow and LakeDiamond is meeting a demand and needs to public assistance to get bigger. Swissquote feels like this is a good opportunity for investment for its account holders and so they have joined forces.
What are your thoughts? Let us know what you think down below in the comments!