- RGNP planning an Initial Coin Offering (“ICO”), subject to regulatory approval, leveraging Reign blockchain technology to authenticate sapphires as conflict-free
- Digital record entries can assign color, carat measurement and certificate number to each sapphire
- Reign Coin is unique, because it is backed by Australian conflict-free sapphires
Reign Sapphire Corp. (OTCQB: RGNP), as it moves forward with its planned Initial Coin Offering (“ICO”) for sapphire-backed cryptocurrency Reign Coin, has announced that it will release its white paper on the coin by May 2018. It has also set a Q3 2018 pre-sale date for tokens, subject to regulatory approval (http://ibn.fm/RoRwF).
The company previously announced that it was planning an ICO, subject to regulatory approval (http://ibn.fm/7gPRc), indicating its intention to launch Reign Coin as its cryptocurrency and blockchain-based loyalty rewards program. Reign Coin is to be backed by conflict-free Australian sapphires. As Reign Coin grows and transaction revenues increase, investors will be able to receive crypto-dividends in the form of airdrops of new Reign Coin into their wallets.
“We have made significant progress and look forward to releasing Reign Coin’s white paper,” Joseph Segelman, CEO of Reign, stated in a news release. “We are confident that Reign Coin will complement our existing business and add long-term shareholder value.”
RGNP, based in Beverly Hills, California, is a direct-to-consumer branded and custom jewelry company operating several divisions. These include:
- Reign Sapphires, which markets a line of ethically-produced, conflict-free sapphire jewelry targeted at millennials;
- Le Bloc, which offers classic and customized jewelry;
- The ION Collection, a branded line by Jan Selter; and
- Coordinates Collection, a custom jewelry line featuring pieces inscribed with location coordinates to commemorate life’s most precious moments.
The company also holds joint-venture platform Reign Ventures, a developer of jewelry technology-related products. RGNP’s portfolio also includes Reign Blockchain, which authenticates sapphires as conflict-free.
RGNP’s ethically produced and conflict-free sapphires are in contrast to an abstract of the global gem market by the Gemological Institute of America (“GIA”). In ‘The Color of Responsibility: Ethical Issues and Solutions in Colored Gemstones’, the GIA (http://ibn.fm/ceKgc) states, “Despite the industry’s high profile, an ethical, sustainable mine-to-market supply chain for these materials still has not been achieved, impacting the physical environment and quality of life for laborers.” The Brilliant Earth website classified the mining of sapphires globally by small-scale operations as a ‘Wild West’ economic situation in which most countries have yet to embrace fair labor practices. It cited Madagascar, in particular, for alleged dangerous working condition and an unregulated industry (http://ibn.fm/yqVcu).
The stakes are high. The GIA estimates that the retail jewelry market for millennials will reach an annual value of $1.4 trillion by 2020.
For more information, visit the company’s website at www.ReignSC.com
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