Lack of Sidra Bank Utilities Preventing Users From Trading After P2P Verification Launch

You’ve likely heard about the growing cryptocurrency industry and how decentralized finance aims to expand financial access. However, many Muslims face barriers to participating due to conflicts with Islamic finance principles. The new Sidra Bank project offers a potential solution through its Shariah-compliant digital currency. Despite launching peer-to-peer trading verification, Sidra Bank users struggle to actually trade the token. Lack of supporting utilities prevent real-world usage, stifling adoption. This article explores the utilities deficit hampering Sidra Bank post-launch and how resolving this could enable the project to achieve its mission of Islamic-aligned decentralized finance. Understanding these dynamics provides insight into both Sidra Bank’s challenges and the wider intersection of cryptocurrency and faith.

Overview of Sidra Bank and Its P2P Verification Launch

Sidra Bank recently launched their peer-to-peer (P2P) verification system allowing users to trade Sidra tokens directly with one another. However, many users have reported issues accessing and utilizing the full range of platform features and services following the update.

Lack of Wallet and Exchange Support

The Sidra Bank platform currently only supports their proprietary wallet and the token is yet to be listed on any Centralized Exchange (CEX) or Decentralized Exchange (DEX). Users have expressed frustration with the inability to access or transfer their Sidra tokens to any exchange or external wallets, limiting trading and access options.

Complex User Interface

The Sidra Bank platform interface is not intuitive like other crypto platforms like Pi Network and Core DAO, and the P2P verification process is difficult for many users to navigate. A simplified, easy-to-use interface with clear instructions for P2P verification and trading would allow more users to leverage or take advantage of the new system.

Lack of Educational Resources

Despite promising provide more educational materials, Sidra Bank has not provided adequate training content to inform users about the P2P verification process, how to get started with trading, or the benefits of the updated system. Additional blog posts, videos, and other resources explaining the P2P verification system in an easy to understand manner would help users get started with the new platform features.

In summary, while the P2P verification launch was intended to provide users with more flexibility, issues with wallet and exchange support, customer service, platform interface, and lack of educational content have prevented many Sidra Bank users from accessing the new system. Resolving these issues should be a top priority to improve overall user experience.

Why Sidra Bank Users Still Can’t Trade Despite Verification

Lack of Exchange Listing

Despite launching their Mainnet and P2P verification system, Sidra Bank token holders still can’t trade the digital asset on any cryptocurrency exchanges. For users to buy, sell, or trade Sidra Bank tokens, the project needs to get listed on major exchanges.

Limited Use Cases

At the moment, the Sidra Bank token has limited use cases since the project is still in development. Users are unable to use the token for anything beyond speculative trading and investment. For the token to gain real-world utility, Sidra Bank needs to launch their proposed Shariah-compliant Launchpad, digital banking and investment platform.

Restricted Access

Currently, the Sidra token can only be accessed through the project’s official wallet app. Users do not have the option to store tokens using third-party wallets, hardware wallets or custodial services. Providing more storage and access options could make the token more appealing to investors and users.

While the P2P verification system is a step in the right direction, Sidra Bank still has a long way to go before token holders can actively trade and use the digital asset.

Inadequate Liquidity

The lack of supported exchanges also results in almost nonexistent liquidity for SIDRA tokens. Users have no means of buying or selling tokens, limiting participation. The inability to convert or swap tokens to other crypto or fiat currencies prevents users from realizing any value from their mined SIDRA token holdings.

What Utilities Are Still Needed for Sidra Bank Trading

Despite the recent launch of Sidra Bank’s peer-to-peer verification system, several key utilities are still required for users to actively trade the SIDRA token. Without these functionalities, holders of the token will be unable to fully utilize the token for its intended purpose within the Sidra Bank ecosystem.

Trading Platform

A dedicated trading platform is essential for users to buy, sell and exchange the SIDRA token. While the peer-to-peer verification system now allows users to verify their identity, a full-featured exchange is needed for trading. Sidra Bank will need to build their own exchange or partner with an existing major exchanges like Binance or Coinbase for SIDRA to be listed. Either option would provide the necessary infrastructure for high volume trading of the token.

Merchant Acceptance

For SIDRA to be used as intended within the Sidra Bank ecosystem, widespread merchant acceptance is required. Merchants and businesses must accept SIDRA as a payment method for goods and services. Without this acceptance, the utility of SIDRA is extremely limited for users despite fulfilling the necessary KYC requirements. Sidra Bank should focus on incentivizing and recruiting major merchants to accept SIDRA to drive adoption and circulation.

Additional Financial Products

To expand the utility and value of SIDRA for users, Sidra Bank Team will need to develop additional Shariah-compliant financial products and services. Options like lending, payments, remittances, and investing would provide more opportunities for users to benefit from SIDRA and the Sidra Bank platform. The more products and services available, the greater the incentive for new users to go through the KYC process and obtain SIDRA.

But when will Those Utilities Be Ready for Trading?

As of the time of writing, Sidra Bank has launched peer-to-peer (P2P) token verification to enable users to trade tokens, and migration of tokens to the mainnet has already been completed. However, the platform currently lacks critical utilities that would provide more functionality and use cases for the token. When these utilities are implemented, the value and demand for Sidra tokens is expected to increase significantly.

Plans to launch Decentralized Exchange

A decentralized exchange (DEX) allows users to trade digital assets directly without an intermediary. Sidra Bank plans to build an exchange where users can trade or swap Sidra for other cryptocurrencies. This will make Sidra available to a wider range of investors and increase its liquidity.

Conclusion

The lack of utilities is currently preventing Sidra Bank users from actively trading the token after the recent P2P verification system launch. While the project aims to create a Shariah-compliant cryptocurrency, further development of platform utilities and applications is required to drive user adoption and token trading. As Sidra Bank expands the platform’s capabilities and integrates real-world use cases, greater engagement and exchange activity is expected. However, the community must remain patient as this pioneering initiative works to align decentralized finance with Islamic principles in a thoughtful, compliant manner. With a long-term vision and continued progress, Sidra Bank can fulfill its mission to enable ethical digital asset exchange and unlock new opportunities in Islamic fintech. Read Similar Story