PHOTO
New York-based "FinTech" company introduces revolutionary VULT at Capital Club Dubai
Dubai, Capital Club, Dubai's Premier Private City Club and member of the ENSHAA group of companies, this week hosted the launch of VULT, a new financial technology. Joseph Lipton, the inventor and CEO of Secured Worldwide, revealed his strategy for transforming the way diamonds are traded around the world.
VULT is a consumer financial technology (FinTech) product that uses internet-based technologies and state of the art authentication to address the need of consumers for a portable store of wealth and tangible asset.
According to Lipton, the nature of the diamond trade's business model has created limitations for individual investors and has prevented diamonds from emerging as a true, transparent asset class and store of value.
Speaking at Capital Club Dubai on Tuesday, Lipton explained how VULT has created a new, liquid, accessible asset class.
"While gold is an important investment for protecting wealth, it doesn't offer the concentrated portability of VULT," he said.
"VULT allows individuals to easily price, buy, transport or sell investment-grade diamonds as a new and accessible asset. Investors now have an alternative store of wealth that is unlike the current system of non-standardised laboratory graded loose diamonds," he continued.
"We have transformed diamonds from a personal asset into a new form of wealth and global monetary exchange," Lipton added.
VULT combines proprietary and patented remote authentication technologies for identification with GIA graded diamonds in a completely secure environment. Secure facilities established across the world allow VULT to be kept privately or stored in a duty and VAT free zone providing greater convenience and accessibility to the consumer.
Made of sintered zirconia, with a single crystal sapphire cover, VULT has invested over three years of research and development into anti-fraud technologies, ensuring the diamonds cannot be tampered with or replaced.
While Lipton was keen to stress that VULT would not compete directly with existing luxury diamond markets, he outlined some of the unique advantages that VULT would offer individual investors.
Among the benefits was VULT's creation of an understandable, mathematically driven, fungible diamond trading instrument that moves diamonds into a simple, transparent, internet-based, and consumer-centric market.
"Imagine needing to transport thousands of ounces of silver or kilos of gold during a future financial crisis. Investors would clearly benefit from an additional tangible, more portable asset - unlike other commodities in uncertain times," Lipton said.
In respect to gold and other forms of storing wealth, a VULT is hundreds of times denser in value. VULTs are available in multiple denominations enabling investors to meet their varied needs.
Adding to Lipton's comments, Mo El-Arishy, Director of Business Development at Secured Worldwide, said: "Consumers seek investment diversification and VULT provides a new way to invest or simply pass their wealth to family members who may be living in other countries."
"No other asset class allows you to carry a physical asset of such dense value, in the palm of your hand, in any other form than diamonds," he concluded.
During the event, a VULT was sold to prominent Dubai-based entrepreneur, Farooq Arjomand, and Secured Worldwide is currently in discussions with him for a partnership agreement to develop the VULT business in the UAE.
Secured Worldwide was formed in the US in 2013, and has since expanded its operations into Hong Kong, China, Taiwan, Miami, Panama and Dubai. The company's mission is to provide sales, delivery, storage, transparent pricing and liquidity to consumers, with an independent, secure, and tangible global asset.
© Press Release 2016
