Islamic Coin (ISLM), a cryptocurrency adhering to Shariah principles, has been launched on KuCoin, a prominent cryptocurrency exchange. This event signifies a significant advancement in the cryptocurrency realm, showcasing the increasing demand for ethical and compliant financial solutions.
ISLM serves as the native token for the HAQQ blockchain, a Layer 1 Proof-of-Stake (PoS) blockchain compatible with the Ethereum Virtual Machine (EVM). This compatibility facilitates seamless integration with decentralized finance (DeFi) initiatives and applications. Notably, the HAQQ blockchain offers rapid transaction finality, owing to its flexible Cosmos SDK module.
Beyond its blockchain capabilities, HAQQ advocates for Web3 principles, enabling the development of digital Shariah-compliant financial systems. This holistic approach to blockchain technology led to HAQQ being awarded the title of Blockchain Innovation of the Year at the Entrepreneur Middle East-hosted Tech Innovation Awards 2023 in Dubai.
Since its successful Republic Crypto Initial Coin Offering (ICO), ISLM has made substantial progress. Its listing on KuCoin, alongside platforms like Sushiswap and Haqqex, marks a pivotal moment as it prepares to expand its presence to various controlled and decentralized exchanges. This diverse presence across trading platforms significantly enhances ISLM’s accessibility and visibility, potentially reaching over 80 million users.
Islamic Coin (ISLM) plays a multifaceted role within the HAQQ ecosystem. It facilitates financial transactions, aids in organizational decision-making, covers transaction fees, and empowers individuals to validate and secure the network. More than a mere digital currency, ISLM represents a comprehensive financial ecosystem rooted in Islamic finance principles.
Crucially, ISLM has undergone rigorous evaluation and adheres to all halal asset standards. It has received a Fatwa from esteemed Muslim scholars, including Sheikh Dr. Nizam Mohammed Saleh Yaquby, a leader in the $1 trillion Islamic finance sector. Additionally, 10% of each ISLM issuance contributes to the Evergreen DAO, fostering community development through Islamic company investments or charitable donations.
Implications for the Cryptocurrency Industry
The introduction of Islamic Coin (ISLM) on KuCoin carries profound implications for the cryptocurrency industry. It underscores the growing appetite for ethical and compliant financial solutions, affirming the transformative potential of blockchain technology within the Islamic finance sector.
Moreover, ISLM’s success sets a precedent, potentially paving the way for other Shariah-compliant cryptocurrencies to enter the market. This diversification would enrich the cryptocurrency ecosystem, making it more accessible and appealing to a broader spectrum of users.
In essence, the launch of Islamic Coin (ISLM) represents a pivotal moment for the cryptocurrency industry. It signifies the industry’s maturation and increased inclusivity, highlighting the transformative power of blockchain technology in reshaping our interactions with money and financial services. Read More
Source: CoinMarketCap
