Swiss Firm Obtains Certification For its Cryptocurrency From Islamic Scholars

Omar Faridi
  • Swiss financial firm, X8 AG, has reportedly obtained a certification from Islamic scholars to offer its cryptocurrency as an investment to Muslim investors.
  • X8 AG plans to expand its operations to the Middle East region.

X8 AG, a Switzerland-based fintech firm, has reportedly been certified by Islamic scholars to offer its cryptocurrency as a form of investment to Muslim investors.

Cryptoasset Receives Certification From Islamic Scholars

X8 AG received certification for its cryptoasset and its other financial products from the Shariyah Review Bureau (SRB), a Bahrain-based Islamic advisory firm.

According to a senior executive at X8 AG, the company is planning to expand its operations to cover the Middle East region and other Islamic countries. The Swiss financial firm is also planning to launch a Shariah-compliant digital asset exchange.

X8 AG’s digital currency has been developed on the Ethereum blockchain, and its creators claim that it’s backed by 8 major fiat currencies, gold, and the “best-in-class’ risk management tools.

"Financial Artificial Intelligence"

Moreover, X8 AG’s official website states that its investment model “establishes the principle of proactively managing funds” by using “financial” artificial intelligence (AI) to stabilize their cryptocurrency’s price - which helps to preserve its value.

Commenting on the fintech sector in the Gulf region, Francesca Greco, the director and co-founder of X8 AG, said:

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

Francesca Greco

Greco added that regulators have been cautious about cryptoassets, particulary stablecoins - as they may potentially be associated with fraudulent schemes.

Varied Approach To Regulating Digital Currencies

Authorities in the Middle East have been actively monitoring the crypto space, and have taken varied approaches to regulating digital assets. Saudi Arabia has strictly prohibited the use of cryptocurrencies - while United Arab Emirates' financial hub, Dubai, has been quite receptive towards digital currency and blockchain-related initiatives.

Notably, there are now many crypto firms that have started offering Sharia-compliant (in accordance with Islamic law) digital currency investment contracts and services. As CryptoGlobe reported in August, ADAB Solutions, a UAE-based financial firm, launched the world’s First Islamic Crypto Exchange (FICE).

FICE operates in accordance with Shariah law - which is based on the teachings of the Holy Quran (central religious text followed by 1.8 Shiite and Sunni Muslims worldwide).

As covered, CoinBundle, a digital currency investment platform, allows users to invest in a “Halal” (Sharia-compliant) cryptoasset investment package.

Tron's 'Four Major Developments' Including zk-SNARKs to Launch By Q2 2019

The developers of Tron (TRX), one of the largest platforms for building and deploying decentralized applications (dApps), are reportedly planning to release a set of upgrades and new tools to enhance the blockchain network’s functionality.

As noted by Misha Lederman, the co-founder of IAmDecentralized.org, a platform that is being created to support the ongoing development of decentralized technologies, the Tron blockchain ecosystem is set to deliver the following “major development”:

  • “BitTorrent Speed, $BTT,”
  • “Institutional-friendly multi-signature & account management,”
  • “USDT-TRON stablecoin launch on #TRX blockchain,”
  • “Implementing privacy option for transactions.”

Lederman, who’s known for being one of the most vocal supporters of Tron (especially on Twitter), revealed that Tron’s major developments (listed above) will be launched in the “coming weeks and months” of Q2 2019.

"BitTorrent Speed" And Multi-Sig Wallets Launched

After acquiring BitTorrent last year for $140 million, Tron’s userbase may have increased significantly as the peer-to-peer (P2P) file sharing solution reportedly has more than 100 million users. In order to improve the existing functionality of BitTorrent and its native BTT token, Tron’s developers are launching “BitTorrent Speed,” an application that will compensate network participants in BTT in exchange for providing bandwidth and seeding.

On February 24th, Tron founder Justin Sun had announced (via Twitter) that the following set of updates would be integrated on the dApp development platform (Tron’s version 3.5):

  • “hard fork upgrade” (already activated on February 28th),
  • “Multi-signature [wallets] and [new] account management features for institutional investors,"
  • “Dynamic energy adjustment to real-time network performance,”
  • “50% up performance & res usage,”
  • ”Better [virtual machine] VM safety, events server for dApps.”

As explained by Sun in a video he posted from his official Twitter account (on March 7th, 2019), Tron’s partnership with Tether Ltd., the developer of the world’s first and largest stablecoin (USDT) involves the development of a Tron-based USDT token that offers “TRX holders a new way of value storage, provides dApp users a new way to play [or access] dApps, and increases legitimacy with institutional investors.”

Adding zk-SNARKS To Tron's Ecosystem

Moreover, the partnership between Tether Ltd and the Tron Foundation will involve the creation of a new TRC-20 compliant USDT stablecoin that will provide interoperability with applications and protocols across Tron’s ecosystem.

Notably, Tron’s development team is planning to integrate zCash’s zk-SNARKS privacy technology - which is intended to provide Tron’s users the option to conduct private transactions.

During the “Bad Crypto” podcast, Sun revealed why he is planning to incorporate the zk-SNARKS on the Tron network. He remarked:

People don’t want their privacy stored by Facebook or Google because those people can more easily manipulate the data so they can push ads to you. You don’t want to share those data with them. That’s why I think the decentralized way becomes a good way to do that and limit how much data you are required to share.