HAQQ Network expanding Islamic Web3 initiative with Gold Token and RWA

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As an analyst with extensive experience in the blockchain and Islamic finance industries, I am excited about HAQQ Network’s 2024 roadmap and the potential impact of their Gold token launch. The combination of a stable store of value with increased accessibility to Islamic financial products like SUKUK through tokenization is a game-changer in this space.

The HAQQ Network roadmap for 2024 and beyond lays a solid foundation for the network’s resurgence.

HAQQ Network plans to introduce its Gold token in June as part of its broader objective to represent real-world assets on the network through tokenization.

HAQQ Network’s Gold Token launch 

In a blog post, Alex Malkov, the Co-Founder and CEO of HAQQ Network, 

Emphasizing the significance of this launch, Malkov highlighted that the gold token is not just a means for preserving value but also plays a crucial role in the Islamic Interbank Market. He pointed out that commodity tokens like gold provide a more streamlined and transparent method for trading compared to traditional asset exchanges.

As a financial analyst, I would explain that this gold token offers the opportunity for investors to swap it with real gold. Furthermore, the token is expected to expand its offerings in the future, potentially including various investment commodities and securities.

The HAQQ Network intends to convert Islamic financial instruments like “SUKUK” into blockchain tokens. This transformation enhances the liquidity, accessibility, and operational efficiency of these products. By tokenizing, it becomes possible for investors to own fractions and broaden distribution, while Sharia law compliance is ensured through the embedding of regulatory rules within the token’s smart contracts.

As a researcher studying HAQQ’s latest developments, I can share that HAQQ has introduced VISA cards linked to its ISLM token for EU residents. This innovative financial solution allows for seamless transactions using the digital currency within the European Union.

This action signifies a substantial advancement in merging Islamic electronic funds with traditional European financial services. As a result, users within the EU will have the ability to execute transactions and handle their finances in accordance with Islamic guidelines.

Last year, I was part of the team that initiated the Islamic Coin project. To our delight, the launch received substantial attention from renowned crypto publications globally and prominent fintech platforms in the Middle East, generating extensive media coverage.

The platform developed a significant following of over 1.5 million members, including esteemed advisors from the UAE’s royal houses. This robust community support played a pivotal role in the highly successful presale phase of the ISLM token, generating over $200 million through private sales and an additional $200 million via an investment agreement.

As a researcher studying this project, I’ve noticed some hurdles it has encountered since its inception. Lately, there have been unsubstantiated claims that have hampered its progress for the past half year.

Islamic coin navigates regulatory scrutiny and media misinformation

In the year 2023, the HAQQ Network emerged as the foremost Islamic Web3 initiative globally, accompanied by its native digital currency, Islamic Coin (ISLM).

As an analyst, I’ve observed that the project struck a chord with the international Muslim population due to its emphasis on ethical values and strict compliance with Shariah rules. These principles have historically been overlooked in the rapidly developing Web3 and blockchain sectors.

Unfortunately, Islamic Coin faced hurdles shortly after its debut. Though it boasted a robust technological base, burgeoning community backing, and thriving presale phases, the initiative came under scrutiny when the Virtual Asset Regulatory Authority (VARA) launched an intensive probe. The HAQQ Network willingly complied with the regulatory body’s requests, ultimately leading VARA to wrap up the investigation without any penalties or formal accusations.

Alex Malkov acknowledged the challenges of the investigation but reaffirmed their dedication to working with VARA and supplying the necessary documents to prove adherence to the regulatory guidelines.

The findings from the VARA investigation negatively impacted Islamic Coin’s intentions to get listed on prominent cryptocurrency exchanges. Previously agreed-upon deals with significant trading platforms faltered as these exchanges expressed apprehensions at the eleventh hour regarding potential risks, leading to unforeseen setbacks and intricacies in broadening ISLM’s reach.

As a crypto investor, I’ve noticed that HAQQ has encountered some unfavorable media attention. One particular media outlet waged a campaign of disinformation against HAQQ, but the project’s leaders chose not to retaliate with paid promotions. Instead, they stayed true to their principles of transparency and integrity, refusing to engage in any actions that might undermine their commitment to honest communication with their community.

Malkov firmly reinforced their position, highlighting the network’s dedication to combating misinformation and Islamophobia. Their ultimate objective is to establish a more welcoming and fair financial system together.

The HAQQ Network has triumphed over considerable obstacles to attain remarkable accomplishment. Currently, Islamic Coin (ISLM) is featured on prominent centralized trading platforms such as KuCoin, LBank, XT, and MEXC. Additionally, it is available on decentralized marketplaces like SushiSwap, Osmosis, and Uniswap. This expansion has significantly increased liquidity and exposure for ISLM.

As a crypto investor, I’m excited about the launch of HAQQ’s non-custodial wallet on both the Apple Store and Google Play. This means that I can securely manage my digital assets without the need for intermediaries. With convenient features like social login and device recovery, this wallet is not only appealing to experienced crypto users but also attracting newcomers in regions such as Nigeria, Indonesia, and Turkey. By offering a user-friendly experience, HAQQ positions itself as a top crypto app in these markets.

As an analyst, I would explain it this way: I’m here to highlight a significant aspect of using an ISLM wallet – the feature of staking. This allows me, as an ISLM holder, to contribute to the network’s security and governance while earning rewards in return. Additionally, by participating in liquidity pools on decentralized exchanges, I can generate what is referred to as ‘halal yield.’ Compliant with Islamic principles, this approach enables Muslim investors like myself to engage in the digital economy without infringing upon our religious guidelines.

As a crypto investor, I’ve been closely following the advancements of HAQQ Network. Their unique proposition lies in bridging the gap between Islamic finance and cutting-edge Web3 technology, all while upholding the ethical guidelines of my faith.

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2024-04-30 18:39