Revealed: Islamic Coin to drive major Shariah-compliant NFT expansion

The new initiative is slated to be launched in August this year, and set to go live between October and November with the broader NFT marketplace.

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“We will be doubling down on our push into the Non-Fungible Token ecosystem, as we are set to launch native NFT support on Haqq Wallet in August,” Andrey Kuznetsov, co-founder and CTO of Islamic Coin, told Arabian Business.

“This will be part of the many innovations we are planning in fulfilling the Islamic Coin mandate to deliver a lasting, powerful impact for one of the largest communities in the world,” Kuznetsov said.

Islamic Coin to the listed on Sept 1

Kuznetsov’s revelation about the new initiative comes close on the heels of Islamic Coin on Thursday announcing the launch of its token – $ISLM- on centralised and decentralised crypto exchanges on September 1, 2023.

This would mean that the Islamic Coin token will now be traded like other leading cryptocurrencies like Bitcoin, Ethereum and Solana on crypto exchanges.

Its digital currency, which is currently trading in private sales mode, has been gaining support from venture capitals and financial institutions in the run up to its official public launch.

The long-awaited announcement also comes parallel to the company disclosing last week raising $200 million in fresh fundraising.

The fresh capital was raised from a mix of institutional investors such as Alpha Blue Ocean’s ABO Digital and private investors.

The latest round of capital raising will take Islamic Coin’s total funding to $400 million, beating Circle, BlockFi and Solana – and, according to the company, is one of the largest ever in the history of crypto space.

Partnership with DeFi exchange Sushi

Industry experts said Islamic Coin’s move on the exchange listing, coming close on the heels of it striking a partnership with Sushi – one of the world’s largest decentralised crypto exchanges globally – in June will entail it the ability to provide liquidity, stake assets and earn tokens during the liquidity mining phase to its global community.

The latest partnership will also help introduce Islamic Coin to the ABO network of investors and help the team structure innovative Shariah-compliant financial products that could be used in the digital asset space to raise alternative funding.

“The deal provides for access to a maximum of $200 million as and when required and ensures Islamic Coin has a long and stable runway,” the company said.

It said the fresh capital will be used for building out the ecosystem, as well as the HAQQ Blockchain.

“Part of it will be deployed for launching global charity initiatives through our Evergreen DAO, and building a global Shariah-compliant, ethics-first financial infrastructure,” the company said.

Kuznetsov said Islamic Coin aims to achieve a target of attracting the first one million users before 2023 ends.

“We also want to launch integrations with our partners, which include London’s DDCAP Group with other 300 Islamic Banks, Fambras – one of the largest Halal regulatory bodies in the world – as well as Sushi, Ledger, and others,” he said.

Islamic Coin recently signed an MoU with London-based DDCAP Group, paving the way for Haqq Network’s integration with over 300 global Islamic banks.

The partnership is expected to lead to the development of a number of solutions for Islamic finance, including a Shariah-compliant Web3 alternative to SWIFT, a digital asset platform, CBDCs, tokenisation and other ventures.