Switzerland-based startup X8 AG has received a certificate from the Shariyah Review Bureau (SRB) for its steeblecoin, released on the Ethereum blockchain. Reported by Reuters .
According to the director and co-founder of X8, Francesca Greco, developed by the company steyblecoin is backed by a basket of seven fiat currencies and gold. This provision minimizes asset volatility and the possibility of speculation, which is in harmony with Islamic finance standards.
As part of expanding its business to the countries of the Middle East, X8 plans to launch a cryptocurrency trading platform that complies with Sharia norms. To this end, the company has already met with representatives of local exchanges in Abu Dhabi, Dubai and Bahrain.
“The Gulf region is a really good place for fintech companies,” Francesca Greco is sure.
Recall that this summer the certificate of conformity to the norms of Sharia law was received by the Stellar blockchain .
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