Islamic Coin Launches Reg D Token Offering in Partnership with OpenDeal Broker
Islamic Coin, a digital currency that follows Shariah principles and promotes ethical values, has commenced its Reg D Token Offering to the public in collaboration with OpenDeal Broker, a subsidiary of Republic.
In a press release on Monday, Islamic Coin announced its partnership with Republic to support its market entry strategy. Republic Crypto, the crypto advisory services division of Republic, will assist in customizing tokenomics, implementing DAO governance, and ensuring sustained economic utility value for the Islamic community.
The collaboration also involves establishing relationships with potential strategic partners, exchanges, and market participants.
“Following this public launch, members of the international Islamic Coin community will enjoy various benefits, including opportunities for providing liquidity, staking their holdings, and earning tokens during the liquidity mining phase,” the announcement stated.
Islamic Coin recently raised $193 million in private sales with the participation of prominent investors like ABO Capital, DF 101, A195, and Optic Capital. The project has also formed an exclusive integration with DDCAP Group and its extensive network of over 300 Islamic banks.
Powered by HAQQ Network, a Shariah-compliant blockchain network, Islamic Coin aims to serve the world’s 1.9 billion Muslim population and beyond. A notable aspect of the project is its commitment to charitable causes as 10% of each issuance is dedicated to supporting philanthropic endeavors.
Royal Families of Abu Dhabi Show Support for Islamic Coin
The HAQQ and Islamic Coin project has garnered support from the royal families of Abu Dhabi. Additionally, professionals in Islamic and traditional finance from Wall Street and the City of London contribute their expertise to the project.
The launch of Islamic Coin comes as Muslim-majority nations demonstrate a remarkable adoption rate of cryptocurrencies. A report by Chainalysis in October 2022 highlighted the Middle East and North Africa as the fastest-growing crypto markets, with four Muslim-majority countries and other states with significant Muslim populations among the top twenty adopters.
The Sultanate of Oman recently revealed its multi-million-dollar investments in the crypto industry, including plans for cryptocurrency mining operations. However, discussions surrounding compliance with Sharia law have emerged, as scholars debate the permissibility of cryptocurrency.
Some scholars argue that the speculative nature of cryptocurrency deems it impermissible under Sharia law, a stance supported by influential Islamic groups in countries like Turkey, Egypt, and Indonesia. Conversely, proponents argue that cryptocurrency can be considered halal (permissible) because it does not involve the collection of interest.
Hot Take: Islamic Coin Seeks to Serve the Muslim Community with Ethical Digital Currency
Islamic Coin is making waves in the crypto world by offering a digital currency that adheres to Shariah principles and promotes ethical values. With its Reg D Token Offering in collaboration with OpenDeal Broker, Islamic Coin aims to provide opportunities for liquidity provision, staking holdings, and earning tokens during the liquidity mining phase.
Supported by Republic Crypto and its expertise in tokenomics and governance, Islamic Coin seeks to create sustained economic utility value for the international Islamic community. The project has also garnered support from the royal families of Abu Dhabi and professionals in Islamic and traditional finance.
As Muslim-majority nations embrace cryptocurrencies at an impressive rate, Islamic Coin positions itself to cater to this growing market. However, discussions surrounding compliance with Sharia law continue among scholars who differ in their opinions on the permissibility of cryptocurrency.
With its commitment to charitable causes and dedication to serving over 1.9 billion Muslims worldwide, Islamic Coin presents a unique and ethical option for crypto enthusiasts.
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