Sunday, July 14, 2024
Editor's PickIslamic Coin doubles funding by raising another US$200 million

Islamic Coin doubles funding by raising another US$200 million

Islamic Coin has raised another US$200 million, this time from ABO Digital, a subsidiary of multi-family office Alpha Blue Ocean Group.

This fresh funding brings the Shariah compliant crypto’s total funding raised to US$400 million. This investment will also introduce Islamic Coin to ABO Digital’s network of investors. Available as and when required, the funding will be used to extend Islamic Coin’s runway.

ABO Digital is an investment firm focused exclusively on providing alternative financing solutions to cryptocurrency projects using their tokens. Its parent group, Alpha Blue Ocean, provides capital solutions for publicly listed firms in the form of structured PIPEs, or private investment in public equity.

It is worth noting that the investment in Islamic Coin is significantly larger than ABO Digital’s average commitment size of US$40 million. According to Islamic Coin, this new partnership will also allow it to aid the ABO Digital team to structure Shariah compliant financial products to be used in the digital asset space to raise alternative funding.

Launched last year, Islamic Coin has been on an aggressive growth trajectory. In August 2022, it concluded a private sale raising US$200 million and since its launch, it has courted members of the royal families of Dubai and Abu Dhabi as well as Islamic finance veterans as backers and advisors.

This round of financing follows a partnership with UK-based DDCAP Group, an Islamic intermediary platform, which would pave the way for the integration of Islamic Coin’s Haqq Network. The MoU, signed in April, will see the development of solutions for Islamic financial institutions including a Web3 alternative to SWIFT, a digital asset platform, and tokenization.


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