TechFinancials Inc. Launch of CEDEX (7915I)

TIDMTECH

RNS Number : 7915I

TechFinancials Inc.

28 November 2018

28 November 2018

TechFinancials, Inc.

Launch of CEDEX - Blockchain Diamond Exchange going live in Beta mode

TechFinancials (AIM: TECH) (the "Company" or the "Group"), a fintech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients, is pleased to announce that the CEDEX blockchain diamond exchange ("CEDEX") has gone live in Beta mode, allowing investors to trade diamonds as a financial asset class. TechFinancials has a 2 percent interest and an option to acquire a further 90 per cent of Cedex Holdings Ltd, the holding company for the CEDEX blockchain-based online exchange for diamonds which would give TechFinancials up to 92 % of CEDEX or 87.4 % on a fully diluted basis.

TechFinancials has played a major role in the launch of CEDEX as the main provider of the infrastructure, blockchain and smart contract development on which the CEDEX platform is built.

CEDEX allows investors to securely and easily trade in digitized diamonds (DDC - Digital Diamond Certificate), while enabling diamond holders to liquidate their assets. Using the innovative DEX proprietary algorithm and blockchain technology, CEDEX has overcome the three main obstacles that have prevented diamonds from becoming a tradable asset class: lack of transparency, liquidity and standardization.

In order to overcome these obstacles, CEDEX has focused on the following activities over the past six months:

-- Developing the proprietary DEX algorithm and building the diamond commodity exchange in conjunction with TechFinancials;

-- Establishing business relations with diamond dealers in order for them to supply the initial diamond inventory on the CEDEX platform, which will comprise over 2000 diamonds in specific categories, at the time of the launch;

-- Constructing the complex logistic business solution to support the product launch, including setting up business relations with custodians, GIA (Gemological Institute of America) and shipping partners;

   --    Obtaining the legal approvals to offer the phase one product worldwide. 

Asaf Lahav, Chief Executive Officer of TechFinancials commented: "We are delighted to have played a pivotal part in the launch of the first blockchain-based diamond exchange in the world. This milestone achievement is testament to the innovative capabilities of both CEDEX and TechFinancials to build a new, ground breaking platform and we look forward to updating the market on its progress in due course."

Saar Levi, Chief Executive Officer of CEDEX stated: "This is a major step forward in our exciting journey to transform diamonds into an asset class. At CEDEX, we are commited to realizing our long term vision in which both institutional and individual investors will be able to trade diamonds as one of the leading commodities."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information:

 
 TechFinancials, Inc.                            Tel: [phone] 
                                                        943 
 Asaf Lahav, Group Chief Executive Officer 
 Yuval Tovias, Chief Financial Officer 
 
 
 Grant Thornton UK LLP (Nominated Adviser)     Tel: [phone] 
                                                               5100 
 Colin Aaronson / Samantha Harrison / Seamus 
  Fricker 
 
 
 Northland Capital Partners Limited (Broker)   Tel: [phone] 
                                                               6625 
 David Hignell / Rob Rees 
 
 
 Peterhouse Corporate Finance (NEX Corporate   Tel: [phone] 
  Adviser and Joint Broker)                                    0930 
 Fungai Ndoro / Eran Zucker 
 

Media enquiries:

 
 Yellow Jersey PR Limited (Media Relations)   Tel: [phone] 
                                                                871 
 Charles Goodwin / Katie Bairsto 
 
 

About TechFinancials

TechFinancials, Inc (AIM: TECH) is a fintech software provider of financial trading solutions, including blockchain-based digital assets and traditional financial trading solutions for retail clients. The Group operates a B2B division licensing white label trading platform solutions to online brokers. In addition, the Company operates a B2C division operating trading platform incorporating a strategic joint venture focusing on solutions for traders in the Asia Pacific region.

The Company currently holds a 2 % interest and an option to acquire a further 90 % in CEDEX, a blockchain-based on-line exchange for diamonds, which would give TechFinancials up to 92 % of CEDEX or 87.4 % on a fully diluted basis.

Further information can be found at http://techfinancials.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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November 28, 2018 07:45 ET (12:45 GMT)