The Shariah-compliant cryptocurrency Islamic Coin has received funding from Web3 enterprise agency Optic Capital. The funding is for an unknown amount, according to a news release shared with CoinJournal by the Switzerland-based crypto competition.
Optic Capital has invested in major crypto projects with Polkadot, Chainlink, and Compound.
Islamic Coin (ISLM) is the native currency of HAQQ, the first ethical L1 blockchain dedicated to building a Shariah-compliant financial ecosystem. The UAE entrepreneurs Mohammed AlKaff AlHashmi and Hussein Al Meeza co-founded the crypto challenge, which is set to go live on September 1, 2023.
Islamic Coin is attracting international venture capitalists.
With interest in the platform increasing rapidly since its launch, many of the highlights have focused on major collaborations and strategic investments. A growing number of VCs and personal capitalists continue to back it, owing partly to the benefits that international adoption could bring.
Optic Capital’s investment contributes to the group of major venture capital firms and personal funds that have backed the cryptocurrency.
“Islamic Cash’s” particular product market fit paves the way for a community of more than 1 billion potential new blockchain clients. The task is unique, difficult to reproduce, and elegantly solves a posh adoption issue. As soon as we realised the potential dynamics at work, it seemed like an obvious platform to return to,” noted Optic Capital Managing Accomplice.
In July, the Islamic Coin team announced that it had raised $200 million from investors, bringing its total capital to $400 million. Alpha Blue Ocean’s ABO Digital, DF101, and Futurecraft Ventures are currently funding individuals. A number of high-net-worth individuals (HNWIs) have also contributed to the project’s finances.
Aside from finance, Islamic Coin has formed strategic alliances around the world. They embody the recently announced integration with the DDCAP Group, Vacation Swap, and over 300 Islamic banks. The project has secured five collaborations in the MENA region, spanning the medical, wellness, immigration, and travel industries.
Islamic Coin and HAQQ are also set to be Web3 and innovation partners of a number of companies associated with Dubai’s ruling family.