Halal crypto Islamic Coin has announced a US$40 million grants and investment program to support Shariah compliant projects benefitting the project’s ecosystem.
The program earmarks US$20 million in USD/USDT and US$20 million in Islamic Coin, which will be channelled toward advancing HAQQ Blockchain and Islamic Coin through initiatives such as development, marketing, bug bounties and other projects to enhance global adoption, according to an official statement.
“We look forward to many exciting proposals from our dedicated global community,” said Co-Founder Mohammed AlKaff AlHashmi.
Despite it being a new player Islamic Coin has been on an aggressive growth trajectory. It raised US$200 million last July, only two months after it launched its Haqq Mainnet. It unveiled the Haqq Mobile Wallet in December and has implemented an eco-friendly proof-of-stake protocol to align with the climate action agenda.
It intends to list on exchanges this quarter and introduce non-fungible token avatars next quarter, according to its roadmap.
In the third quarter, it would implement the Evergreen DAO Endowment Fund, an independent decentralized entity, which is an endowment cryptocurrency fund that invests in projects benefiting the Muslim community or given to Islamic charities. Ten percent of the currencies issued on the Haqq Chain platform will be automatically converted to the Evergreen DAO Endowment Fund.
Co-founded by Islamic banking veteran Hussein Mohammed Al Meeza, who was also a founding member of several Islamic financial institutions including Amlak Finance and the Al Salam Bank brand in Sudan, Bahrain and Algeria, Islamic Coin has received the backing of influential figures, most notably members of the royal families of Dubai and Abu Dhabi.