Mazalit is a new Israeli B2B digital payment solutions platform designed for,and dedicated to, the global diamond and jewellery industry.

The Company recently announced that it had carried out its first payment transaction at the Israel Diamond Exchange (IDE). The first payment was successfully transacted by the Malca-Amit Group of Companies and Leibish& Co.

Mazalit has also recently been recognised by the Israeli Ministry of Finance, it was reported.

The way it works is that the blockchain-based B2B payment platform allows traders to transfer money to a dedicated B2B e-wallet account.

Mazalit explains that this “will provide the trader with the freedom to travel around the world with large amounts of money, send and receive funds instantly from their smartphone or computer. This is completed without the risk of theft, loss, breaking customs laws or banking regulations”, said the IDI in a report on its website.