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Singapore-based decentralized finance (DeFi) protocol ZaynFi has secured a Shariah stamp of approval which it hopes will assist it in tapping the wider Muslim market.

Stablecoin yield optimiser, ZaynFi, has raised a US$600,000 funding led by UK-based Islamic Finance Guru’s venture investing arm Cur8 Capital, as well as an unnamed global venture capital fund, it announced on Twitter.

Blockchain-based Takaful insurance platform Takadao has raised US$1.6 million in pre-seed funding, in a round led by Silicon Valley investor Tim Draper through Draper Associates.