UAE SEED Group partners with DiamondBack for stablecoin

DiamondBack (DBK), the creator of a diamond-backed stablecoin have partnered with SEED Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to lead a global opportunity and expand the reach of the DBK Coin to the Middle East and North Africa (MENA) region. DiamondBack’s MENA headquarters will be based in Dubai and headed by DiamondBack CEO William Eng.

“We are tremendously excited about our partnership with the SEED Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum,” said William Eng, CEO of DiamondBack Group. “With Dubai being the Gateway to the Middle East and their commitment to the advancement of the blockchain and cryptocurrency, the DiamondBack stablecoin/stablecurrency is well-positioned to deliver a diamond-backed asset coin founded on the principle of ‘sound crypto’.”

DiamondBack’s DBK Coin was introduced conceptually earlier this year, owing to its Trust Model a natural diamond-backed stablecoin, has gained global attention. The DBK Coin enables owners to remove country boundaries, connect global payment solutions and deliver an ecosystem to address the current problems of traditional financial structures, which will also serve as a ‘transactability bridge’ between traditional blockchain-based payments and future systems. The backbone of the DBK Coin is the Trust Model: Certified GIA investment-grade diamonds, Insured by Lloyds of London, Secured by Brinks, in Trust with Winchester Global Trust-Bermuda and Audited by PricewaterhouseCoopers.

SEED Group/The Private Office of Sheikh Saeed bin Ahmed Al Maktoum will commence work and take the lead in pursuing a planned global initiative where a MENA-focused summit of countries will utilize ‘sound crypto’ that will be universally accepted and globally independent.

“We are pleased to partner with DiamondBack as we look forward to meeting the significant market demand for a stablecoin,” said Hisham Al Gurg, CEO of SEED Group and The Private Office of Sheikh Saeed Al Maktoum. “With Dubai already being a global hub, our aim at The Private Office is to take every step with DiamondBack, build the correct foundations, realize the legalization of the coin and promote it as it expands in the region and as its demands develop and become more complex. I believe this will enable them to focus on their mission and make a greater impact. We are confident that this partnership generates an outstanding opportunity to introduce a global economy the collective advantages of blockchain and digital currency.”

In addition to the DBK Coin, the DiamondBack ecosystem also involves DiamondEx – DiamondBack Payment Platform with DiamondExpress Debit Card, a financial software that provides easy and flexible loading and withdrawal options for customers around the world, such as localized bank transfers, global bank wires, credit/debit cards, prepaid cards, gift cards, etc.