Jade City, a blockchain platform focused on tokenizing the jade gemstone market, launched its MVP (Minimum Viable Product) on Tuesday, aiming to make the jade industry more accessible and transparent.

The platform plans to issue bonds backed by jade, offering returns in tokenized physical jade with yields up to 24% annually, and supports trading, earning, and speculating in tokenized jade.

Led by CTO David Atkinson, co-founder of Holochain, the project aims to streamline the complex jade market by introducing decentralized finance (DeFi) principles to a traditionally opaque industry.

"The Jade City platform and token ($JCT) have transitioned from a broad concept to a functioning platform in 10 months," CEO William Ralston-Saul said.

Users can access the testnet version of the platform to explore its features and provide feedback before the full launch.

Jade City's efforts are supported by a partnership with one of the world's largest jade mines, granting it access to millions of kilograms of ethically sourced jade.

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This collaboration aims to address longstanding issues in the jade market, where limited access, unregulated practices, and black-market activity have hindered transparency.

The jade market in China alone is estimated at $50 billion annually, a value that has increased tenfold over the past two decades.

Jade City aims to use blockchain technology to offer transparency and accessibility, with profits from the jade-backed bonds channeled back to $JCT holders via a "buy and burn" model.

With growing interest in tokenized real-world assets, Jade City's approach to making valuable physical assets accessible through digital platforms will be a topic of discussion at Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders will explore trends in tokenization and the role of blockchain in reshaping traditional markets.

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Image created using artificial intelligence via Midjourney.