Liberty Finance, a decentralized exchange seeking to tap the Muslim community with Halal offerings, has been accepted into Genius X Accelerator & Launchpad as it prepares to launch its token this year.
Genius X, a tokenized blockchain-agnostic accelerator program for fully vetted early-stage start-ups, will provide Liberty Finance with guidance on fundraising, token design and classifications as well as going to market, among others.
Headquartered in Dubai, Liberty Finance is positioning itself as a Shariah compliant decentralized exchange for the Muslim community and a blockchain-supporting lending platform for both Islamic financiers and DeFi users.
“At this stage, we have a basic MVP and are currently in our private fundraising round,” Xenothan Hojem, CEO of Liberty Finance, told IFN Fintech.
According to Xenothan, the firm plans to secure official Shariah approval from its internal Shariah board before launching to the public and its B2B clients.
“We are aiming to launch our token this year, and more than likely the services that follow will be rolled out in Q1 and Q2 next year,” Xenothan explained. The planned services include lending and borrowing and leveraged trading.
Liberty Finance will launch on Arbitrum, a layer 2 network, for its DeFi offering and will be using Arbitrum Orbit for its private network.
According to the exchange, it has over 2,000 members in its testnet community, with over 400 active testers.