PNN
Dubai [UAE], June 3: Dubai-based Blue Sapphire Trading (BST) Group unveils a complete crypto eco-system including asset-backed crypto-currency – BST Coin, BST Chain, E Sapphire, crypto exchange – Sapphire Exchange and BST DEX, a marketplace for a Phygital Non-Fungible Token backed by Proof of Asset (POA), among other game-changing initiatives.
Blue Sapphire Group, a Dubai-based conglomerate specialising in blockchain and cryptocurrency, has launched an asset-backed crypto eco-system that is set to change the global cryptocurrency trade where prices of crypto will be backed by real assets and not by speculative elements.
Blue Sapphire Trading (BST) Group has unveiled a complete crypto eco-system including asset-backed crypto-currency – BST Coin, BST Chain, crypto exchange – Sapphire Exchange and BST DEX, a marketplace for a Phygital Non-Fungible Token (NFT) backed by Proof of Asset (POA), among other game- changing initiatives, where prices of cryptocurrency will continue to rise everytime a trading takes place on its exchange platform, instead of declining.
“With the completion of the comprehensive ecosystem, the BST Group is poised to lead a revolution in the crypto and gemstone industries. This initiative not only underscores The BST Group’s commitment to innovation but also invites collaboration from across the globe to be a part of this transformative journey.”
The highest revenue reached in the United States to USD 23.22 billion in 2024. In the cryptocurrencies market, the number of users is expected to amount to 992.50 million users by 2028.
USD 2.72 trillion, according to Forbes. BLUE SAPPHIRE TRADING Office No. 803, Reef Tower; Jumeirah Lake Towers; PO Box: 40994, Dubai, UAE; Email: abdalfarooq@gmail.com Web: https://bsaft.com/
“These game-changing initiatives will change the cryptocurrency market completely and due to being asset- backed, they will remove the speculative elements from the market, making crypto exchanges more transparent and this will help raise investor confidence in crypto market,” Iqbal Khokar, Co-Founder and Chairman of BST Group says.
According to Statista, a global market intelligence provider, revenue in the Cryptocurrencies market is projected to reach USD 51.5 billion in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.62 percent resulting in a projected total amount of USD 71.7 billion by 2028. The average revenue per user in the Cryptocurrencies market amounts to USD 61.8 in 2024.
The cryptocurrency market experienced a downturn, with the total market capitalisation dropping to USD 2.21 trillion from USD 2.49 trillion in the last one month as of May 3, 2024. The cryptocurrency market is exhibiting significant volatility, with prices fluctuating unpredictably.
The largest cryptocurrency by market capitalisation, Bitcoin, has fallen nearly 5.76 per cent and is trading at USD 60,632 as of May 3, 2024. On the other hand, Ethereum almost dipped by 3.28 per cent and is trading at USD 3,033.
Dr Farooq Abdal, Founder of The BST Group, says, “We have developed a unique system, where every time a trader buys or sells an asset-backed token on our exchange, the price will rise, instead of falling. So, the trader will never lose money due to the fear of price collapse – something that we have seen with other crypto currencies and crypto exchanges. This new BST Coin, BST Chain are game-changing development that are result of years of research and development. It is a real innovation.”
BST Group’s flagship product, BST Chain, stands as the fastest blockchain for real-world asset tokenisation. With an impressive throughput of 100,000 transactions per second and a remarkable 3- second block formation speed, BST Chain sets new standards for efficiency and scalability in blockchain technology. BST Chain’s innovative consensus mechanism and robust security protocols make it an ideal platform for tokenising high-value assets such as Kashmiri Blue Sapphires.
BST Coin represents a paradigm shift in the cryptocurrency landscape as the world’ s first asset-backed native blockchain coin. Listed on the prestigious Koinpark Exchange and actively traded, BST Coin offers unparalleled stability and security backed by real-world assets. Its integration with BST Chain ensures seamless interoperability and transparency, providing users with a reliable means of value exchange in the digital economy. Moreover, its utility extends beyond traditional cryptocurrencies, offering users access to real-world assets and opportunities for diversification within the digital economy.
Central to The BST Group’s strategy is the establishment of strategic partnerships, aiming to enhance the widespread adoption of its BSTC coins across various industries. The BSTC coin, known for its rapid transaction speed, stability, and scalability, is tailored for international transactions, showcasing its applicability in over 18 countries in sectors such as retail, real estate, and the gemstone trade.
E-Sapphire (ESP) represents BST Group”s pioneering project for digitally mining sapphires and participating in Sapphire Wealth. Deployed on BST Chain with Phygital consensus, ESP harnesses the power of blockchain technology to revolutionise the gemstone industry. Through ESP, users can securely and transparently engage in digital sapphire mining, unlocking new avenues for wealth creation and investment. ESP’ s innovative approach to gemstone mining leverages blockchain technology to ensure transparency and authenticity throughout the mining process.
The BST Group has marked a significant milestone in the evolution of the global cryptocurrency market with its innovative initiatives set to revolutionise sectors including real estate, gemstones, and smart cities on an international scale. Through the introduction of the BST Coin, a hybrid decentralised cryptocurrency, The BST Group is leading the way in addressing the challenges of transaction speed and asset valuation in the blockchain ecosystem.
“The launch of the BST Chain main net, the fastest blockchain platform globally with a capacity of 100,000 transactions per second, signifies our commitment to technological innovation and excellence,” Dr Farooq Abdal says. “Our vision for a PHYGITAL world, blending the physical and digital realms, is now a reality, thanks to the unwavering dedication of our teams within The BST Group.
BLUE SAPPHIRE TRADING Office No. 803, Reef Tower; Jumeirah Lake Towers; PO Box: 40994, Dubai, UAE; Email: abdalfarooq@gmail.com Web: https://bsaft.com/
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First Published: Jun 03 2024 | 4:15 PM IST
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