» » Islamic Coin ($ISLM) Defies the Crypto Winter, Unlocks Ethics-First Finance

Islamic Coin ($ISLM) Defies the Crypto Winter, Unlocks Ethics-First Finance

Islamic Coin ($ISLM) Defies the Crypto Winter, Unlocks Ethics-First Finance

The continued crypto winter has resulted in a 60% fall within the mixed market capitalization of cryptocurrencies because the peak of the bull market in November 2021.

But, whereas the bear market just isn’t preferrred for many buyers, it’s the good calm for venture groups creating new options. They will make vital progress on disrupting the monetary {industry} and fixing world issues, such because the exclusion and inequality attributable to conventional finance inefficiencies.

Amongst these is Islamic Coin ($ISLM), a venture that, regardless of a multi-quarter downtrend in crypto fundraising, has succeeded, securing $200 million Q3 2023. The venture was lately listed on KuCoin, marking its official entry into the market.


ISLMs itemizing represents an essential milestone for the venture’s mission to onboarding the over 1.eight billion Muslims worldwide into digital finance whereas aligning with the values of these communities. In line with the crew, KuCoin is simply the primary of the various exchanges $ISLM will be a part of.

What Is Islamic Coin, and What Use Instances Does it Have?

Islamic Coin serves because the native forex of the HAQQ blockchain, and powers the venture’s Sharia-compliant monetary ecosystem. It promotes moral finance, and philanthropy, aiming to provide the worldwide Muslim inhabitants a monetary software for the digital age. Of every $ISLM issuance, 10% is robotically deposited into the Evergreen DAO to empower the group by way of Muslim charity donations and investments in Islam-related ventures.

Holders can use $ISLM to settle funds, take part in group governance, cowl transaction charges on HAQQ, and generate passive earnings through staking. $ISLM can be Sharia-compliant, which means that it aligns with the values of Islam and the teachings of the Quran. Whereas it prohibits Riba, Islamic Coin’s ecosystem will embody decentralized variations of Sukuk, the Islamic equal of bonds, in addition to different conventional Islamic finance devices.

Islamic Coin meets all the standards of a halal asset, and gained a Fatwa in June 2022 from a committee of main Muslim authorities and students with intensive expertise in Islamic Finance.

“Sharia ideas revolve across the group, so Sharia finance is a community-first system,” mentioned Islamic Coin Co-Founder Mohammed Al Kaff Al Hashmi. “In Sharia finance, the charging of curiosity is eradicated, and that is designed to guard the group. It merely doesn’t make sense to burden people who’re already in a financially weak place and in search of help with curiosity expenses.”

Islamic Coin’s backers embody Alpha Blue Ocean’s ABO Digital, DF101, Futurecraft Ventures, Optic Capital, A195 Capital, and cross-industry HNWIs.

HAQQ: The Blockchain Community Powering $ISLM

The Layer 1 HAQQ blockchain represents the spine of Islamic Coin’s Sharia-compliant monetary ecosystem. It’s primarily based on a Proof-of-Stake (PoS) consensus mechanism, and is appropriate with Cosmos-based networks or Ethereum. In line with Islamic Coin’s crew, customers have created over 2.5 million mainnet accounts interacting with the HAQQ.

In the meantime, HAQQ Pockets is a flagship non-custodial digital pockets that provides customers a handy option to handle their $ISLM holdings and work together with HAQQ tasks. With over 500,000 downloads, HAQQ Pockets has a mean ranking of 4.6 out of 5 on Google Play. Additionally it is accessible through the App Retailer, and for cellular and desktop units.

To make sure person safety and compliance with Islamic values, an on-chain registry of halal certificates referred to as the Shariah Oracle interacts solely with good contracts and dApps by way of the HAQQ Pockets that has been licensed as halal. There’s a two-stage course of for authentication. Whereas the group votes on the primary degree to whitelist purposes, full Sharia compliance is achieved by way of analysis through their Sharia Board.

In line with Islamic Coin’s roadmap, the crew plans to broaden the ecosystem with new options, together with a HAQQ market, an $ISLM-backed Mastercard, crypto-fiat processing companies, and a gold-pegged stablecoin developed in collaboration with UAE banks. The venture additionally seeks to ascertain HAQQPad and HAQQLabs to foster the expansion of moral tasks and help builders with a $40 million grant program.

Islamic Coin has struck essential offers with Vacation Swap, the world’s largest residence trade platform, DDCAP Group, which has a coalition of over 300 world banks, and an extra 25 companions throughout the ecosystem.

Heading In direction of Moral Finance

Defying the crypto winter and a market at present dominated by bearish tendencies, Islamic Coin is focusing its efforts on constructing a monetary panorama that promotes ethics, and philanthropy.

With greater than $400 million of funding and $ISLM’s latest launch on KuCoin, the venture has nice potential to attain this objective. We are able to’t wait to see what Islamic Coin will give you because the crew progresses on the roadmap.

author-Orbit Brain
Orbit Brain
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