• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Islamic finance
Nexo

Swiss AI-Powered Stablecoin Becomes Halal to Attract Muslim Investors

Georgi Georgiev by Georgi Georgiev
4 years ago
in News, Bitcoin Businesses, Blockchain, Companies, News teaser
0
Advertisement

Sharia-compliance finance is becoming a field of choice for several fintech companies as regulators and market participants in the Middle East seem keen on attracting new business. Now, Swiss-based cryptocurrency firm X8 has become the latest to acquire an Islamic finance certification.


Islamic Finance Certified for Mid-East Expansion

X8 AG, a cryptocurrency and fintech startup based in Switzerland, has managed to obtain a certification for its digital currency from the Shariyah Review Bureau (SRB) – an Islamic advisory firm which is fully licensed by the central bank of Bahrain, Reuters reports. The move is supposedly part of its plans to expand towards the Middle East.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

SRB has also recently issued a certification to Stellar and its cryptocurrency Lumens (XLM) [coin_price coin=stellar].

Speaking on the matter was Francesca Greco, X8’s director and co-founder, who noted:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech.

According to Greco, the region has managed to create a somewhat welcoming environment for fintech companies, while also being wary of cryptocurrencies. Purportedly, though, this gives an opportunity for stablecoins to thrive.

It’s worth noting that X8 has issued a cryptocurrency called X8X token [coin_price coin=x8x-token] based on the Ethereum network, which is supposedly backed by eight fiat currencies and gold.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Pumpcoin’s Broad Buzzword Dictionary

X8’s cryptocurrency, however, turns out to be a tad bit more complicated than you might expect. Apparently, the company issues both X8X utility tokens (X8X) and X8 Currency (X8C). Of both, only the former is listed on CoinMarketCap. The second one is the stablecoin in question.

According to the company’s website, their “currency” (X8C) is managed by financial Artificial Intelligence (AI) and features things such as Automatic Reserve Management (ARM).

As if that’s not enough, the website also labels it as the “most stable Crypto Currency.” To top it all up, the currency is now Shariyah-compliant as well.

Unfortunately, this stablecoin can only be traded if the user holds the corresponding amount of the company’s utility token (X8X). Interestingly enough, according to the project’s official website, the utility token, the sole function of which is to enable X8C trading, is already available for buying while the stablecoin is “coming soon.”

What do you think of fiat-backed stablecoins? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock; CoinMarketCap.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Georgi Georgiev

Georgi Georgiev

Related Posts

Michael Saylor screenshot

Saylor’s Side Of The Story: MSTR Outperformed Every Asset Class & Tech Stock

4 days ago
PrimeXBT vs. ByBit vs. Deribit: Who Offers The Most Powerful Leverage?

PrimeXBT vs. ByBit vs. Deribit: Who Offers The Most Powerful Leverage?

4 days ago
Barcelona

Barcelona FC And Socios.com Sign $100 Million Deal For Web3 Push

6 days ago
digital payments

 Restrictions On Cash Payments In Israel Prompt Shift To Digital Payments

6 days ago
Ethereum

Ethereum Creator Says Facebook’s Metaverse Attempt Will Fail

1 week ago
Axie

Axie Infinity CEO Denies Claims Of Insider Trading; Game Token’s Value Down To Zero

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.