OneGram, the blockchain company behind the first Shariah compliant gold-backed digital currency, has partnered with an investment bank to market its initial coin offering (ICO).
Touted as potentially the largest ICO in history with projections of raising approximately US$554 million (at the current gold price), OneGram has allocated EUR100 million (US$112.27 million) to Tabarak Capital to market. Tabarak is the same firm refer-marketing a US$5 billion gold reserve Sukuk (Islamic bond).
OneGram and gold bullion trader Gold Guard launched the ICO of OneGramCoin (OGC) on the 21st May, and according to CEO Ibrahim Mohammed, over US$1 million was raised in the first two days of the ICO, and an average 200-300 new users are joining its platform on a daily basis.
The ICO will continue until the 22nd September or when all 12.4 million OGCs have been sold out. Should there still be an excess of tokens after the offer period, new OGCs equaling the amount sold in the ICO will be issued again; no more will be released after that. The firms intend to list OGC on other cryptocurrency exchanges on the 15th August. This is after the launch of an OGC transaction test network at the end of June and the implementation of multiple OGC block explorers in early July (for more coverage on the ICO, see IFN Report May issue).