An Islamic blockchain company from MENA has begun the public sale of its digital tokens to support the development of its platform, expected to launch before the end of the year.
With eyes on launching in the final quarter of 2021, Qintar, the start-up behind the Qintar Crosschain ecosystem, has begun the initial exchange offering of its QIN token to the public. The sale will end on the 8th August, after which it will list on the Emirex Exchange as a QIN/Ethereum pair. Qintar Crosschain adopts Shariah models of finance including Mudarabah, Murabahah and Sukuk into the crypto space.
“Qintar aims to deliver microfinance opportunities for underbanked people who are not knowledgeable on the crypto market,” said Joe Barzaq, CEO of Qintar Crosschain. “The concept is designed in a way where the lender is the token holder, and the process of Murabahah takes place through local banks or authorities, as the poor individuals in developing countries do not have access to means of technology.” Proceeds from the token sale will be used, among others, to developing its technology infrastructure, marketing and community development. According to Qintar Crosschain’s roadmap, the platform plans for a Uniswap listing in August, a product beta release in October and to officially launch in the fourth quarter.