OneGram, the company behind the first Shariah compliant gold-backed cryptocurrency OneGramCoin (OGC), has begun reselling the coins in a bid to create a secondary market for the digital currency.
Closing its ICO at US$50 apiece on the 4th September, OGC is currently trading at about US$355 each, according to founder Mohammed Ibraheem Khan.
“OGC was being resold at seven times its value in just a matter of 22 days,” Ibraheem told IFN Fintech; the resale process began on the 26th September. “We estimate that when the coins hit the exchanges in seven or eight months, the price will hit US$1,200 easily,” believes Ibraheem. The ICO exercise raised over US$40 million.
Running concurrently, OneGram is also working on developing Yallapay, a payment platform utilizing OGC, and is in discussion with a credit card processing company for a potential collaboration. Over the next six to 12 months, the company expects to launch a cryptocurrency exchange as well as a gold trade finance platform through GoldGuard, a Dubai-based gold trading company of which Ibraheem is the CEO of.
“GoldGuard is taking a new direction into global corporate trade finance where it will process letters of credits and digital gold managers checks,” said Ibraheem who added that the turnaround time for transactions on the platform would be about 24 hours versus four to six weeks through conventional channels.
Also in the works is a customized blockchain integrating Graphene Technology and Hyperledger.
The firm has 17 global offices according to Ibraheem and has recently opened a trading floor in Portugal and the UK. The firm is now looking to tap the Southeast Asian market.
“We really want to be in Malaysia and Indonesia – they are both big hubs with a big middle class population,” shared Ibraheem.