diamDEXX has leveraged Microsoft Azure’s reliability and secure solutions to develop the diamDEXX wallet. This wallet enables users to trade using DIAM, the first stable token 100% backed by physical diamonds –the world’s most precious and stable physical asset. DIAM is based on the Ethereum ERC-20 protocol which promotes security and transparency.
The ERC-20 protocol also enables diamDEXX to use smart-contracts that embed predetermined rules, allowing users to redeem their DIAM to purchase physical diamonds at the best market price, creating an immutable shared ledger across the entire diamantaire network. In fact, DIAM allows users to choose between 7,000 diamond manufacturers and over 800,000 fully-certified stones.
diamDEXX has chosen Microsoft Azure as its preferred and strategic cloud provider to tap into the full range of Microsoft’s cloud solutions. Microsoft Azure is a cloud computing platform that offers infrastructure created by Microsoft specifically for building, deploying and managing applications and services through a global network of Microsoft-managed data centers.
diamDEXX already uses Microsoft’s services for critical applications and workloads, and is now embarking on a broad set of cloud innovation projects that leverage Machine Learning, Artificial Intelligence, and data platform solutions for a wide range of external customer-facing services and internal business applications.
Thanks to Microsoft Azure’s flexible, secure, and rapidly scalable global technology, as well as diamDEXX’s ability to incentivise digital transformation, both companies commit to promoting and enhancing new technologies to provide users with transparency and security.
In announcing the partnership, Jeremy Dahan, diamDEXX’s CEO, stated: “This is the dawn of a new era in the cryptocurrency market. We have no doubt that the capabilities, infrastructure, flexibility and, above all, security offered by Microsoft Azure – as well as DIAM’s ability to stay perfectly stable against the US dollar – will enable our platform to offer new, more stable options to currency traders all over the world.”
Microsoft’s Chris Papaphotis, Commercial & Partners Director for Greece, Cyprus and Malta, said that the choice of Microsoft’s technology for this project confirms the strengths and attributes that the AZURE technology provides for such delicate operations where reliability is a must.
It is also important to note that Microsoft is committing to a long-term partnership with the diamDEXX groups, hoping to help the company evolve, grow, and strengthen its offering in a secure, reliable way.