Interview with Jeremy Dahan, Co-Founder, Hello Diamonds
Jeremy Dahan formed Hello Group, a fintech software provider in 2015. With the launch of Hello Diamonds in 2016, he created an ecosystem of white label diamond e-Shops. These have a collective revenue of 30,000,000 USD from a total of 10,000 diamond transactions in the platforms’ first year. Jeremy’s strengths lie in creating innovative products from scratch and introducing them to a mass market.
What is your business all about?
“As I started investing into cryptocurrencies in 2013, I started to notice that people were making good returns from their investment, but then there was the issue of how to lock in these profits. At the same time, I had the realization that diamonds are one of the most stable assets that exist, and that the diamond industry is also in big need of technological advancement, as it is still considered an industry that lags behind technology. For example, no diamond ETFs exist.
Even though we can see that there are other stablecoins, mostly fiat backed, we believe that stable coins should be at the very least stable, or appreciate slightly, but definitely not depreciate year on year, like fiat currencies have been doing the last few decades.
What our mission is, is to see the world use cryptocurrencies that are stable in everyday lives, to pay for rent, food or the salaries of one’s employees. This way, society can benefit from the appreciation of the value of the money they use, just like things used to be, when a currency was backed by gold and was not fiat.”
How Does Your Product Work?
“Our product is really very simple. We are considering an IPO in Canada and from the money raised from the IPO we will be purchasing diamonds that will be stored in secure audited vaults, specially made for diamonds. As the diamonds are stored in the vault we will be issuing tokens at a rate of 1 millicarrat = 1 token. All of this will be done as a smart contract on the Bitcoin Cash network.
By using DiamCoin, we can have the technological advantages that blockchain offers, whilst avoiding the big fluctuations in price that speculative coins have. This makes it a perfect candidate for replacing the archaic fiat system we use today.
Currently, people who use fiat are subject to inflation and therefore depreciation of the value of their money. People who will use DiamCoin, will enjoy a constant value for their money, or a slight increase in value.”
What are your goals?
“On our team we have Sir Christopher Pissadires the winner of the Noble Prize for economics in 2010. We also have Jeremy Dahan An accomplished international businessman and entrepreneur, Mr Dahan formed Hello Group — a world leading fintech software provider — in 2015. With the launch of Hello Diamonds in 2016, Jeremy Dahan has created an ecosystem of white label diamond eShops which have boasted a collective revenue of 30,000,000 USD from a total of 10,000 diamond transactions in the platforms’ first year alone.
Our product is unique simply because nothing else like this exists. Our goals are to make DiamCoin the coin that people use in their daily lives, but also a coin that big institutions can use for their financial needs.”
What industry trends do you see coming up?
“We have seen that the world’s interest in cryptocurrencies skyrocketed in 2017, as a result, it sent the crypto markets on a Bullrun. At the end of this run, we also saw an impressive drop in the value of the cryptocurrency market. This market drop consequently hurt a lot of investors that entered the market and has also slowed down the adoption of cryptocurrencies.
As a result, we are now seeing that stablecoins have somewhat become the new fashion in the last few months. This is because there is a need for stablecoin to work hand in hand with speculative coins like bitcoin. Cryptocurrencies are here to stay, but we still need a stable cryptocurrency to be able to pay salaries, bills and buy our daily bread.
As such we are at the forefront of this new trend, with a coin that can provide the necessary solution, without returning to the plagued fiat currencies. The greatest obstacle we still face, as all do, is the one of adoption. We have to be smart enough to roll out this technology in such a way where people are using it and benefiting from it but do not necessarily understand how it works. Just like current credit cards. We use them, but we do not necessarily understand the encryption mechanism behind them.”
What’s Next for Your Business?
“We are currently considering an IPO in Canada, that could attract the capital markets and could potentially take place in the following months. After this, the launch of our coin will follow, which is expected in Q1 of 2019.
Other than the above, we will be at the Blockchain Expo in Santa Clara (San Francisco) at the end of November where we will have a big enough booth so nobody misses us. We will be in Dubai for the Futuretech Decentralized 4.0 event. We aim to be present at as many events as possible and welcome everyone to come and find us to speak about stablecoins.”