Jade gemstone tokenization pioneer Jade City has launched the MVP of its platform that will allow users to earn, trade and speculate in tokenized jade, paving the way for access to ethically-sourced jade.
The MVP launch comes just weeks after the team completed the transfer of the first shipment of jade from its mine partner to its storage facility in the Guangdong province of China. Guangdong is famous for its jade manufacturing and is also home to some of the Asian powerhouse’s largest jade trading hubs.
Jade-Backed Bonds for High Yields
Jade City, a blockchain-powered platform being built as an EVM (Ethereum Virtual Machine) compatible dApp, will issue jade-backed bonds that will pay out high yields of up to 24% per year in tokenized physical jade.
The platform will utilize a “buy and burn” mechanism to channel profits generated to holders of the Jade City Token (JCT). Earned tokenized jade can then either be sold or used to play for the chance to win valuable jade stones from the platform’s gamified Jade Loot Boxes, enhancing engagement and opening a door for further earnings.
“The team has been very focused on building the Jade City platform and launching the Jade City Token. In ten months, Jade City has been taken from a broad concept to a functioning platform and the MVP is now live,” Jade City CEO William Ralston-Saul told International Business Times in a statement.
“We are now inviting users to use the Jade City platform testnet, which is key as it will allow users to familiarize themselves with the platform before using any real funds. It will also allow the team to monitor how the platform performs, locate bugs and make improvements,” he said.
A Platform Designed to Generate Sustainable Value
The platform development is led by CTO David Atkinson, who has vast experience in technology innovation. He co-founded open-source framework Holochain, Rain, and Gild Labs, and specializes in developing and building complex crypto-economy ecosystems.
Notably, Jade City is just the beginning of the team’s vision toward completing “Mineral Empire – The City Incubator,” which include Gem City, Metal City, Relic City, and Crystal City.
Capitalizing on the $50 Billion Jade Industry
China’s jade market is estimated to have a $50 billion yearly value, which is a tenfold spike since the turn of the century. The said market capitalization outperforms the size of the diamond market.
While the industry is undeniably a lucrative one, its history has been tainted by issues around access due to activity in black markets, political barriers, and poor mining practices.
With its partnerships with the owners of the world’s largest jade mine, Jade City has been given the right access to millions of kilograms of ready-to-ship, and more importantly, ethically-sourced jade.
Jade City is now positioned to democratize the world’s access to the lucrative jade value chain. With the power of secure blockchain technology, consumers can now have safe and transparent access to one of the world’s largest gemstone trades.
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