X8 Currency Introduces Cash and Gold Backed Tokens for Islamic investors, Eyes Middle East Expansion
X8 Currency, a Swiss Based Fintech firm Introduces Cash and Gold Backed Tokens for Islamic investors. It has obtained a certification from Islamic scholars for its own digital currency, which it plans to launch in the Middle East along with business expansion in the region.
X8 AG is among several companies expanding into Sharia-compliant finance in order to tap into the rapidly growing crypto and blockchain industries in the Middle East. As a result, Islamic scholars have been prompted to assess crypto-currencies and block chain startups for their validity on religious grounds.
X8 is the first to receive the certification for its ARM-AI (Automatic Reserve Management, Artificial Intelligence) driven portfolio which preserves value with its 100% backed reserves of eight major fiat currencies (US Dollar, Swiss Franc, Euro, Pound Sterling, Japanese Yen, Australian , New Zealand and Canadian Dollar) and gold. This basket of fiat currencies and gold helps create safety and the strong foundation necessary for a digital currency, while the ARM-AI helps find the best exchange rates for the elements in the reserve. Not only does the ARM-AI solution preserve value for the investor, it also helps in countering the inflationary headwinds experienced across the global markets, providing a sustainable non-speculative value proposition for the investor. The X8C currency has the potential to become one of the most stable and exchangeable digital currencies in the world, whilst becoming a true value reference point.
The certification also extends the Sharia compliance to X8’s Ethereum based Tokens along with comprehensive guidelines for trading in currencies and preserving value.
“It is very meaningful to receive the Sharia compliance certificate that provides reassurances that we are open to investors seeking to make investments in Shariah compliant assets,” said Gregor Koželj, Founder and Chief Executive Officer. “With the changing environment of banking and asset management primarily due to fintech-driven shifts, the market for wealth preservation in Islamic finance is poised to see disruption and it is for this reason that we are seeing an increasing demand for our Product in the Islamic markets. We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive new business opportunities for investors in the marketplace compatible to their faith based values,” said Francesca Greco, Director and Co-Founder of X8 AG.
The strategic relationship will enable X8 to allow the facilitation of more integrated currency trading, and asset preservation that leverages on Sharia compliant principles. “We remain committed to retaining the expertise of SRB as we seek to drive the growth of X8 in the rapidly expanding markets of Sharia compliant investments ” said Gregor.
As a full-service Sharia Advisory company, SRB’s certification complement its ICO screening services and solutions and covers Blockchain protocols, Tokens and cryptocurrencies. “Blockchain based projects require detailed review of its design and technical structuring aspects” said Mansoor M. Ahmed, AGM at SRB’s Dubai office. “At SRB, we aim to simplify this for our clients by providing end-to-end Sharia Board, review, certification, consultation and Sharia audit services into one cost-effective package. As a result, clients get consistent Sharia advice and added value in terms of access to the right Sharia scholarly resources as and when required.”