Islamic Coin, a cryptocurrency that complies with Shariah law, is currently raising funds on the Republic platform. The Regulation S offering, scheduled to conclude next week, has already raised more than $1.7 million from over 1600 investors.
The native currency of HAQQ, Islamic Coin (ISLM), is built on the ethics-first L1 blockchain. This blockchain brings together developers, validators, open-source contributors, and Muslim innovators in sustainable finance. A noteworthy feature of ISLM is that 10% of each issuance is automatically allocated to the Evergreen DAO, which is a non-profit endowment. By doing so, ISLM aims to create a lasting impact and value for the Muslim community.
This cryptocurrency has been designed to serve both as a method of payment and as a store of wealth. Islamic Coin endeavors to be a “financial instrument for the digital age,” making it one of the world’s pioneering Shariah-compliant cryptocurrencies.
With its strong support from influential advisors and board members in the MENA region, the venture has gained significant traction.
Investors can participate in the offering with a minimum investment of $1000 at a rate of $0.25 per token. The security is represented by a Token Purchase Agreement, granting buyers the right to tokens issued in the future.
However, the company clarified in a recent statement that it is not seeking any additional funding. The purpose of the public sale is to ensure widespread token distribution among retail holders and establish the initial commercial interaction with their community before listing.
Islamic Coin has emphasized its commitment to maintaining the highest standards of transparency and reputability. During the course of the pre-sale, the company turned down several investors who did not meet their rigorous criteria.
The public sale will provide an opportunity for more retail investors to participate and support this groundbreaking initiative.
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