Islamic Coin, a UAE-based Shariah-compliant crypto, has secured up to $200 million from Alpha Blue Ocean’s ABO Digital, bringing the company's total funding to $400 million and ensuring a long and stable runway.
According to the deal, the crypto firm can raise a maximum of $200 million "as and when required," the company said in a statement Monday, adding that it would soon be listed on exchanges, and that the funding is subject to the listing of the token.
"The latest partnership will entail introducing Islamic Coin to the ABO network of investors and helping the team structure innovative Shariah-compliant financial products that could be used in the digital asset space to raise alternative funding," the company added.
The deal follows the signing of an agreement with London-based DDCAP Group in April that paved the way for Haqq Network to integrate with over 300 global Islamic banks and set the foundation for the creation of a Shariah-compliant Web3 alternative to secure financial messaging platform SWIFT, a digital asset platform, Central Bank Digital Currencies (CBDCs), tokenization, and other ventures, according to Islamic Coin.
The Middle East and North Africa (MENA) region experienced the highest crypto market growth in 2022, according to Chainalysis. Between July 2021 and June 2022, users in the region transacted $566 billion in crypto, up 48% from the previous year.
In comparison, crypto transactions soared by 40% in Latin America, 36% in North America, and 35% in Central and Southern Asia. Growth in other regions was 22% or lower.
Five of the top 20 countries in the global crypto adoption index are Muslim-majority nations, including Pakistan, Turkey, Indonesia, and Nigeria.
Caters to the Muslim population
Islamic Coin is powered by HAQQ Network, a Shariah-compliant blockchain network, and mainly caters to the world’s 1.9 billion Muslim population. It has already received approval and authorization from several Muslim authorities.
The network said it would allocate 10% of each Islamic Coin issuance to charitable causes throughout the Islamic countries.
In March, Islamic Coin revealed a $40 million grants and investment initiative to support projects that comply with Shariah law and benefit the project’s ecosystem.
The crypto company is reportedly supported by prominent Middle East North Africa (MENA) leaders, including Sheikh Hazza bin Sultan bin Zayed Al Nahyan, the grandson of the founder of the UAE. In addition to the support of the royal families of Abu Dhabi and Dubai, the project is backed by experts in Islamic finance.
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