(MENAFN- GlobeNewsWire - Nasdaq) Jade City's blockchain powered platform will be issuing jade-backed bonds that will pay out a high yield in tokenized physical jade – up to 24%/year
London, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Jade City , which is pioneering the tokenization of jade gemstones, today announced the MVP launch of its platform, which will allow users to earn, trade and speculate in tokenized Jade.
Jade City is a blockchain powered platform which will be issuing jade-backed bonds that will pay out a high yield in tokenized physical jade – up to 24%/year. Profits generated will be channeled back to $JCT token holders through a“buy and burn” mechanism. The tokenized jade earned, can then either be sold or used to play for the chance to win valuable jade stones from the platform's gamified Jade Loot Boxes.
Jade City is being built as an EVM compatible dApp. The development of the Jade City platform itself has been led by CTO David Atkinson, who joined the company last November. Atkinson, who co-founded Holochain, Holo, Rain, and Gild Labs, is a brilliant technology innovator who specializes in developing and building complex crypto-economy and ecosystems, has designed over 60 currencies, and has advised numerous startups on tokenomics and transparent technology solutions.
William Ralston-Saul, CEO of Jade City, said "The team has been very focused on building the Jade City platform and launching the Jade City Token ($JCT). In ten months, Jade City has been taken from a broad concept to a functioning platform and the MVP is now live. 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."
The Jade City team has partnered with the owners of the world's largest jade mine to secure one of the most substantial jade inventories in the world, and over the last two years has funded the mine to start production. Jade City has been given the right to access millions of kilograms of this new ethically sourced jade that is ready to ship and sell.
The MVP launch comes just weeks after the first shipment of jade from its mine partner to its storage facility in the Guangdong province of China, a province famous for its jade manufacturing, and home to several of China's largest jade trading centers. Shipping the jade from the mine to market is a key step for the Jade City platform to start generating profits from jade sales.
The Jade City platform has been designed by leading blockchain experts to generate sustainable value for token holders over an extended period of years. Currently, the estimated value of the jade market in China is $50 billion per year, a tenfold increase since the turn of the century that surpasses even the size of the diamond market. However, for much of its history, the lucrative jade value chain has been accessible to few, plagued by black market activity, poor mining practices and political issues. Jade City is in a unique position to democratize global access to the jade value chain, utilizing the blockchain to provide accessibility, transparency and trust to one of the world's largest gemstone trades.
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About Jade City
Jade City is a blockchain-powered RWA platform specifically designed to democratize the jade value chain through DeFi and tokenization, allowing users to earn, trade and speculate in tokenized jade. Jade City's economy will be funded through issuing jade-backed bonds in return for $USD. Bond holders will earn tokenized jade at high interest rates of up to 24% each year. The tokenized jade earned can then either be sold or used to play for the chance to win valuable jade stones from gamified Jade Loot Boxes. Jade City is co-founded by the owners of the world's largest jade reserve. For more information, please visit .
Media contact: jade(at)transformgroup.com
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency & securities.
CONTACT: Lorcan Byrne
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