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Mohammed Al Kaff Al Hashmi, co-founder of the first Islamic blockchain #HAQQ , was the keynote speaker at the prestigious Islamic Fintech Pitching Competition event and awarded the winners with prizes worth 230,000 #ISLM

This is a great example of the development of the decentralized industry in the Middle East region, and it is great to see that #IslamicCoin is not only a leading educational project, but also a hotbed of new crypto startups.

#cryptonews #InnovationHub

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#IslamicCoin Supply and Issuance Details:

Total Supply:
The total supply of #ISLM coins is capped at 100 billion.The emission rate decreases by 5% every two years, termed as an Epoch.Emission comes to a halt 100 years after the first block of the first Era.

Era-based Minting Allocation:
Each Era has a designated allocation for minting new coins, gradually diminishing.By the conclusion of the 50th Era, 100% of the total supply (100 billion ISLM) will have been minted, with no further minting.

Initial Coin Distribution:
Initial supply is 20 billion ISLM coins, minted in the genesis block and distributed at the network launch.

Distribution Breakdown:
-2 billion coins allocated to the Evergreen Foundation following Century Coinomics.
-5.5 billion coins reserved for partners, including boards, initial sponsors, promoters, and market makers.
-4 billion coins reserved for initial private sales accessible to qualified private investors.
-5.5 billion coins allocated to the Business Reserve Fund and the Ecosystem Development Fund for public distribution, operational expenses, business development, grants, and other ecosystem-focused activities.
-3 billion coins earmarked for founder compensation.

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I expect a significant #GamingWeb3 breakthrough from the project, as the #IslamicCoin has many integrations with game development studios. And here's one more to introduce you to.

HAQQ & Infinite8:
Advancing Ethical Finance in Web3
HAQQ's strategic partnership with Infinite8, a global tech player, targets the ethical finance sector in web3, including metaverse and blockchain gaming. Leveraging deep tech and AI, the collaboration seeks to cater to the needs of the global Muslim population of 1.9 billion interested in emerging technologies and ethical finance. The alliance aims to practically integrate ethics into new technological developments.

Key Points:
Customized Blockchain Solutions: The partnership plans to develop bespoke blockchain solutions aligned with ethical finance principles. Utilizing Infinite8's AI analytics expertise and integrating it with web3, the goal is to offer real-time financial insights, enhancing efficiency and ensuring Shariah compliance.

Global Ethical Ecosystem: Beyond technology, the collaboration aspires to create a balanced and sustainable financial ecosystem. With the potential to serve over 1.9 billion Muslims globally, the focus is on making web3 projects accessible and beneficial. The MENA region, with its emerging tech and financial hubs, serves as an ideal launchpad.

Ethical and Technological Integration: Looking forward, the partnership aims to develop technologies where ethics are core, not an add-on. This collaboration signifies a significant phase in HAQQ's evolution, reflecting a joint commitment to building efficient and ethically sound financial systems.

In conclusion, the partnership with Infinite8 goes beyond a business alliance, embodying a shared vision for a future where ethics and technology seamlessly coexist. HAQQ's $40 million ecosystem grant program is open for applications, welcoming interested parties to apply.

Read about the #GrantCrypto program in the comments

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Islamic Coin's co-founder, Mohammed AlKaff AlHashmi, highlighted the #MENA region's prominent role in the global crypto economy. MENA ranks sixth globally, recording $389.8 billion on-chain value between July 2022 and June 2023.

AlHashmi discussed:
Global Web3 Hubs: Dubai, Hong Kong, and NYC compete, urging MENA to focus on a responsible Web3 ecosystem through agile regulations and niche markets.

Saudi Arabia's Rise: Saudi Arabia's initiatives, like Vision 2030 and #NEOM , strengthen its influence in MENA's Web3 market. A $50 million NEOM-Animoca Brands partnership aims at a Web3 innovation hub.

Flourishing Blockchain Industry: Collaborations between traditional institutions and blockchain ventures, CBDC exploration, and fintech partnerships drive blockchain adoption.

Crypto Landscape: MENA's crypto scene, with diverse regulations, sees UAE and Bahrain leading with dedicated regulators, strict AML laws, and fintech partnerships. Dubai becomes a crypto giant hotspot.

Future Trends: Anticipated trends include Sharia-compliant products, short-term financing, and integrating digital assets into gaming. The convergence of decentralization with AI and social media will shape MENA's 2024 crypto market.

Overall, MENA's blockchain growth stems from proactive regulations, international investment, collaborations, and a tech-savvy population.

Since the #HAQQNetwork blockchain is the brainchild of the #UAE crypto industry and is supported by the royal family, we can safely say that the project will fight for leadership in the Muslim web3 space

#CryptoNews

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The introduction of blockchain technology in the web gaming industry has become an important step in transforming the gaming experience of players and ensuring greater transparency and security. Blockchain allows the creation of unique digital assets that can be owned by players, giving them full control and rights. This contributes to the development of the gaming ecosystem.

HAQQ and Ambrus Studio have entered into a partnership aimed at revolutionizing gaming with a strong commitment to sustainability. The collaboration includes exclusive game deployment to HAQQ in key regions, integrating on-chain assets and transactions, and utilizing HAQQ's blockchain and proprietary non-custodial wallet.
The partnership focuses on creating meaningful innovation, environmental advocacy, and blending gaming with sustainability. Ambrus Studio's mission, "Good Game for Good Cause," aligns with HAQQ's commitment to set aside a portion of its native currency for philanthropic activities.
The collaboration aims to provide a gaming experience natively designed for global South markets, seamless onboarding for web2 gamers, and exclusive deployment on HAQQ in key regions. Additionally, the partnership involves ecosystem integration, with Ambrus Studio's games leveraging HAQQ's infrastructure and wallet for in-game transactions. The collaboration aims to raise awareness about climate change and create an immersive gaming experience centered around sustainability.

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#ISLAMCOIN #Haqq

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Despite experiencing over 20% weekly losses, #Optimism (OP) token, the native token of the Ethereum-based layer-2 Optimistic Rollup network, has demonstrated resilience amid market challenges. Analysis by Intotheblock reveals that over 80% of OP token holders have remained profitable, showcasing the strength of long-term investors in navigating market volatility and indicating confidence for future growth.

Optimism has seen significant growth, particularly following its Bedrock hard fork in June of the previous year. The upgrade aimed to enhance the network's security and interoperability while reducing deposit times and fees. The network experienced increased transactions and volume post-fork.

Recent data shows a surge in large transactions on Optimism, reaching 421 on January 12th, a level not seen in almost a year. The total number of addresses holding a balance has exceeded a million for the first time, and consistent creation of new addresses has remained above 1.34k over the past three months. These positive indicators, along with increased development activity, contribute to a bullish outlook for Optimism.

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#CryptoMom , Hester Pierce, a commissioner with the U.S. Securities and Exchange Commission ( #SEC ), stated that the agency won't require a lawsuit or court ruling to approve pending spot Ethereum exchange-traded funds ( #ETFs. ). She emphasized that the SEC should treat spot Ethereum ETFs similarly to other exchange-traded products without the need for external legal pressure.

Pierce's remarks are rooted in the context of the SEC's approval of the first wave of spot Bitcoin ETFs in the U.S. The SEC, under the leadership of Jay Clinton and Gary Gensler, had rejected multiple applications for spot Bitcoin products between 2013 and 2023. However, a federal appeals court mandated the SEC to reassess Grayscale's application in 2023. Grayscale had taken the SEC to court in 2022 after the rejection of its proposal to convert its Bitcoin Investment Trust (GBTC) into a spot ETF.

The U.S. Court of Appeals for the D.C. Circuit found that the SEC's approval of two Bitcoin futures products while rejecting Grayscale's GBTC was arbitrary and capricious. This ruling led to a shift in the SEC's approach, and spot Bitcoin ETFs were approved recently.

When asked about the fate of approximately seven spot #EthereumETFIncoming applications currently with the SEC, Commissioner Pierce asserted that the approval process should follow regular considerations without needing external legal pressure. She emphasized that the SEC shouldn't require a court to deem its approach "arbitrary and capricious" for them to make correct decisions.

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Bitcoin , the main cryptocurrency, dropped below the $39,000 level, causing alarm in the crypto community.
There are several potential reasons for this unexpected plunge in Bitcoin prices:

1 #ftx sold GBTC shares: FTX sold shares of Grayscale's Bitcoin Trust (GBTC) worth about $1 billion, which has rocked the cryptocurrency market. FTX, being in bankruptcy, liquidated all 22 million shares of GBTC, causing turbulence.

2 #etf approvals and volatility: Although the US Securities and Exchange Commission has approved a bitcoin ETF, the market is reacting negatively to the large outflows from Grayscale's Bitcoin Trust (GBTC), especially under the influence of large traders.

3 Investors take profit: In order to lock in profits, some investors, expecting prices to rise, may sell assets during small increases, causing short-term volatility.

4 Regulatory turbulence: Strict regulatory measures against leading crypto exchanges and payment systems are causing uncertainty and negative sentiment among investors.

5 Pause before the publication of economic data: With important economic data such as US GDP and the consumer price index coming out this week, investors may refrain from active moves, waiting for the market's implications.

Analysts are warning of a possible further drop in Bitcoin's price, pointing to the $32,700 level as a key point to watch. Factors such as regulatory changes, large trading operations, and the publication of economic data may continue to influence the cryptocurrency market in the near future.

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In the crypto space, we expect breakthroughs, quick profits, frantic starts, and do not notice how projects, one of which is the #IslamicCoin , are gaining momentum and developing step by step.

Since this project is being built with the help of #IslamicFinance specialists, where gradual and steady progress over time leads to the desired results and is an indicator of success, it is worth having patience and confidence that such small steps will become a measure of greatness.

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Analyst: #Coinbase poised to win dismissal over #SEC lawsuit

Litigation analyst Elliott Stein thinks Coinbase will win full dismissal of the SEC’s current lawsuit against the exchange.

Stein also correctly predicted Grayscale’s landmark victory over the SEC last year, which set the motion for spot Bitcoin ETFs earlier this month. Coinbase’s argument, perceived as more persuasive, hinges on the investment needing to be in a business and not merely an ecosystem, and it should come with an enforceable obligation.

The perspective gained traction following a precedent set by the Ripple case, where the sale of digital assets on public exchanges was determined not to fit snugly within the established Howey test, a legal standard used to determine what constitutes an investment contract.

Stein forecasts that even if the lawsuit progresses, it could ultimately be escalated to the Supreme Court. There, it is anticipated that the definition might be narrowed, which would favor Coinbase. The exchange’s definition of “investment” is deemed strong enough to counter the SEC’s claims regarding staking. Also, the SEC’s allegations lack sufficient detail to establish that Coinbase acted in a broker capacity.

SEC sued Coinbase last June, alleging the exchange traded 13 tokens that act as unregistered securities. The court recently heard Coinbase’s dismissal request yesterday in the Southern District of New York. However, Judge Katherine Polk Failla was notably unsatisfied with the SEC’s stance and scrutinized the Securities Act of 1933. 

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Crypto.com delists Terra LUNA, token plunges nearly 10%

As a direct consequence, #luna  and #LUNAClassic  experienced a near 10% drop in value, reflecting investor uncertainty. Additionally, both tokens witnessed a 12% decrease in their 24-hour trading volume, signaling a retreat in market activity surrounding these assets.

In response to these developments, Crypto.com has taken decisive action to mitigate risks and protect its users. Key measures include the suspension of trading for LUNA, MIR, and ANC on both the #Crypto.com app and Crypto.com exchange platforms. Furthermore, new earn deposits and loans for LUNA have been halted.

Existing LUNA Earn deposits will not be affected, providing stability for current investors. The suspension extends to deposits and withdrawals for Terra native and Cronos CRC20 LUNA, Ethereum Mainnet ERC20 and Cronos CRC20 MIR, and LUNA and ANC Perps, as the LUNA blockchain is currently inactive following a decision by its validators.

Crypto.com has also suspended all dollar-cost averaging (DCA) trading bots for LUNA on its exchange, reflecting a cautious approach to managing the ongoing volatility.

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#Binance Attracts Record $4.6 Billion in Client Funds in Two Months

Cryptocurrency investors are gradually restoring their trust in the largest exchange, Binance, which committed to paying a multibillion-dollar fine to US authorities two months ago. According to DefiLlama, Binance has seen a net inflow of $4.6 billion since reaching an agreement with US authorities in November. This figure surpasses the asset inflow for the same period on major competitors OKX and Bybit.

In January alone, the crypto exchange attracted $3.5 billion, exceeding any full month since November 2022.
Binance's share in spot cryptocurrency trading stabilized in December after nine consecutive months of decline, and the Binance Coin token has grown by 30% since November 21. Binance directly benefited from the market recovery and the nearly 160% increase in Bitcoin's price.

The new head of the cryptocurrency exchange, Richard Teng, is working to fulfill all requirements of US financial regulators. He is obligated to establish a global headquarters, appoint a board of directors, and appoint an independent observer for a three-year term. Binance also lacks full licenses in major cryptocurrency hubs such as Singapore, Dubai, and Hong Kong. The company is still challenging a lawsuit from the US Securities and Exchange Commission (SEC).

Despite stepping down as CEO and facing scrutiny from US authorities, Changpeng Zhao increased his wealth by $25 billion in 2023, reaching $37.2 billion according to Bloomberg Billionaires Index.

#crypto2024catch #investors #crypto2024

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Trader Earns $7 Million in Three Hours on SAVM Token

An unidentified trader quickly seized an opportunity with the #SatoshiVM (SAVM) token, earning a profit of $6.77 million within three hours of its launch, as highlighted by Lookonchain analysts. Using the Banana Gun Telegram bot, the trader automated the purchase at the token's inception and later sold it at the maximum price.

Initially, the investor deposited 277.66 ETH (approximately $681,000) to acquire 2.61 million SAVM. The commission to secure a priority position for purchasing the token amounted to 141.66 ETH (around $347,000).

Subsequently, the trader sold 2.16 million tokens for $4.38 million and currently holds 450,000 SAVM valued at slightly over $3 million.

Some users speculated that the trader might have been an insider or a project developer. Others hailed the trader as a "legend" for the bold move of depositing a substantial sum into a trading bot.

#BananaGun continues to stir controversy within the community. Several Redditors reported fund disappearances after entrusting them to the "sniper" bot, similar to the one used by the fortunate SAVM trader.

In September 2023, the launch of the native Banana Gun token failed due to a smart contract bug, causing a nearly 100% collapse in the coin's value.

Recall, in January, an unknown user managed to earn $1 million on the meme token TROLL. The trader purchased the cryptocurrency after billionaire Elon Musk changed his X-account signature to "(CTO) Chief Troll Officer.

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Grayscale Investments CEO Michael Sonnenshein commented on the launch of spot #BitcoinETF💰💰💰 , stating that he believes no more than three funds will survive in the market, each with a critical mass of assets. He also declared that #Grayscale Investments has no plans to reduce the management fee for the fund, which stands at 1.5%, the highest among comparable products in the market.

Sonnenshein expressed confidence that not all of the 11 approved spot Bitcoin ETFs currently available will remain operational. He emphasized that eventually, there will be consolidation, with only a few funds holding a critical mass of bitcoins, while others may merge with larger products or exit the market.

Addressing the high management fee, Sonnenshein highlighted several reasons why the company is not considering a reduction:
GBTC remains a liquidity leader among spot Bitcoin ETFs, controlling 25,067 BTC as of January 17, 2024.It is the oldest exchange-traded product directly investing in bitcoins, not cryptocurrency-based contracts.Grayscale Investments is an expert in the field of cryptography.

Sonnenshein argued that investors primarily value the track record over short-term cost benefits. Interestingly, this perspective aligns with #ArkInvest CEO Cathie Wood's earlier forecast, suggesting that a majority of spot Bitcoin ETFs could exit the market.

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