The ongoing crypto winter has witnessed a significant 60% decline in the total market value of cryptocurrencies since the peak of the bull market in November 2021. But while this period is challenging for most investors, it offers project teams the opportunity to make significant progress in disrupting the financial sector and addressing global problems arising from traditional finance inefficiencies.
One of the notable projects that succeeded in the midst of this multi-quarter crisis for cryptocurrency raising was Islamic Coin ($ISLM). It successfully raised $200 million in the third quarter of 2023 and recently made its official entry into the market by being listed on KuCoin. This listing on KuCoin is a significant milestone in Muslim Coin's mission to align with its core values ââwhile engaging more than 1.8 billion Muslims in the world of digital finance.
Islamic Coin serves as the native currency of the HAQQ blockchain, strengthening a Sharia-compliant financial ecosystem that promotes ethical finance and philanthropy. 10% of every $ ISLM issuance is automatically transferred to Evergreen DAO, which supports community initiatives through Muslim philanthropic donations and investments in Islam-related initiatives. Owners can use $ISLM to make payments, participate in community management, cover transaction fees on HAQQ, and earn passive income through staking. $ISLM strictly adheres to the principles of Sharia in accordance with the values ââof Islam and the teachings of the Quran. It bans Riba (usury) and Islamic Coin's ecosystem includes decentralized versions of Sukuk, the Islamic equivalent of bonds, as well as other traditional Islamic financial instruments.
In June 2022, Muslim Coin received a Fatwa from a committee of respected Muslim officials and scholars who are experts in the field of Islamic Finance, confirming its compliance with halal finance principles.
Mohammed Al Kaff Al Hashmi, Co-Founder of Islamic Coin, highlights the community-centered nature of sharia finance, which aims to protect financially vulnerable individuals by eliminating interest charges. Backers of the project include Alpha Blue Ocean's leading institutions such as ABO Digital, DF101, Futurecraft Ventures, Optic Capital, A195 Capital and a group of high-net-worth individuals from various industries.
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