Dubai firm launches world's first gold backed digital currency
Islamic financial services OneGram says plans to sell more than 12 million tokens could raise nearly $555m
OneGram, an Islamic financial services and technology company, is partnering with GoldGuard, which is building one of world's largest gold vaults in Dubai, to create the world's first completely gold-backed digital currency.
Each token will represent and be redeemable for one gram of gold, a statement said.
OneGram said in the statement that it has Sharia scholars on its board to ensure that it is fully compliant with Islamic finance requirements.
A maximum total of 12,400,786 OneGramCoin tokens (OGC) will be sold, making it the largest cryptocurrency crowdsale goal in history, it added.
At the current spot price of gold, a sold out crowdsale would raise nearly $555m.
The Islamic finance sector is currently responsible for managing 1 percent of global GDP and is growing at nearly 20% per year, the statement said.
There are more than 2 billion Muslims worldwide and OneGram is seen as a Sharia-compliant method for them to keep gold in a digital format that is both secure and digitally transferable, including across borders, at the same time.
Source: Arabian Business