Monday, September 25, 2023
Editor's PickCAIZcoin prepares return to public market with planned global listings

CAIZcoin prepares return to public market with planned global listings

After being unexpectedly delisted from an exchange in the first half of the year, CAIZcoin is preparing to go public again, this time on over 30 exchanges, it said.

Apart from several official social media posts announcing that it is “set to list on 33+ global exchanges”, CAIZcoin has not elaborated any further on the timeline nor on the listing destinations.

The Germany-based company has been embroiled in controversies over the last year, which resulted in the departure of previous CEO Joerg Hansen. Joerg was replaced by chief blockchain officer Philippe Theunissen in January.

“A lot has happened the last half year, culminating in a complete restructuring of Caiz. The old management was not able to deliver and we cannot accept that,” Caizcoin said in a Tweet earlier in April.

Since Philippe took over, he has had to manage the fallout of CAIZcoin being delisted by Bittrex Global in April. In May, CAIZcoin signed Ultimate Fighting Championship rising star Khamzat Chimaev as its ambassador, a move seen as to smooth over bad press.

Established in 2018 by Switzerland-registered Caiz Holding, CAIZcoin claims to be compliant with Shariah principles and that it had received several Fatwas from a World Islamic Blockchain Federation, an organization seemingly based in Turkiye whose ownership and management are not known.

Caiz Holding is founded by Hamdi Küçüktepe, a Frankfurt-based lawyer, who according to blockchain due diligence firm Athena Intelligence, is under investigation by the German and US authorities for alleged money laundering since January 2021.

IFN Fintech cannot confirm if the cryptocurrency is indeed officially certified Shariah compliant as there are no records of the Fatwa in the public sphere.

According to its roadmap, CAIZcoin would build partnerships with banks and launch a remittance service in the third quarter and introduce tokenization services in the final quarter with a view of launching a Sukuk product early next year.

The company, however, has missed its target milestones multiple times. It was supposed to launch its private blockchain Caizchain in Q1 of 2021 (then Q1 2022) and had delayed the listing of its coin which was originally scheduled for January 2022.


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