Limitless, in collaboration with Everest, has announced the launch of 20 million $GEMS tokens, which are backed by over $600 million in liquid assets. This initiative marks the introduction of the first Real World Asset (RWA) token of its kind, designed to revolutionize the gemstone industry through the application of blockchain technology and innovative crypto economics.
The $GEMS tokens are available exclusively on the EverLaunch platform and offer a seamless user experience, allowing individuals from around the world to effortlessly participate in the gemstone market. Users can acquire $GEMS by connecting their wallets or purchasing directly with a debit card.
Key benefits of the $GEMS tokens include facilitating the acquisition, cutting, and polishing of emeralds and alexandrites, offering unique opportunities to experience the gemstone mining process firsthand, and providing up to 20% rewards through staking. The tokens also come with a refund policy, guaranteeing a refund of any unused $GEMS at a rate of $4 per token worth of ETH, backed by the $600 million in liquid assets held in custody.
"We are excited to introduce $GEMS, a groundbreaking RWA token backed by substantial liquid assets," said Bob Reid of Everest. "This initiative not only enhances accessibility to the gemstone market but also leverages blockchain to address long-standing inefficiencies."
The public sale of 20 million $GEMS tokens is set to commence in July 2024 with a launch price of USD $1 per token. An additional allocation of 1 million tokens is reserved for referrals and marketing efforts. Detailed information can be accessed at EverLaunch.
Matteo Rosetti, General Manager at Limitless, highlighted the transformative potential of this initiative, stating, "For centuries, the gemstone supply chain has seen markups ranging from 1,000% to 5,000%. By integrating blockchain technology with direct sourcing and crypto economics, we are disrupting this traditional model, offering substantial benefits to our users."
The launch of the $GEMS token represents a significant step forward in the gemstone industry, combining the transparency and efficiency of blockchain technology with the tangible value of real-world assets. This development is poised to offer a more accessible and equitable marketplace for gemstone enthusiasts and investors alike.
