- Islamic Coin is a Sharia-compliant digital money project powered by the HAQQ blockchain.
- Optic Capital has made an investment of undisclosed amount in the project, whose ISLM token launches on September 1.
Islamic Coin, the Shariah-compliant cryptocurrency, has secured funding from Web3 venture firm Optic Capital. The funding features an undisclosed amount, the Switzerland-based crypto project revealed via a press release exclusively shared with CoinJournal.
Optic Capital has invested in leading crypto projects, including Polkadot, Chainlink and Compound.
Islamic Coin (ISLM) is the native token of HAQQ, the ethics-first L1 blockchain dedicated to creating a Shariah-compliant financial ecosystem. The crypto project was co-founded by UAE entrepreneurs Mohammed AlKaff AlHashmi and Hussein Al Meeza, and is gearing up for its official launch on September 1, 2023.
Islamic Coin attracts global VCs
With attention towards the platform growing rapidly since its inception, much of the highlights have been on key partnerships and strategic investments. A growing list of VCs and private capital continue to back it, largely due to what it could achieve in terms of global adoption.
Optic Capital’s investment adds to this group of major venture capital firms and private funds that have backed the cryptocurrency.
“Islamic Coins’ unique product market fit develops a path for a community of more than 1 billion potential new blockchain users. The project is highly differentiated, hard to copy, and elegantly solves a complex adoption problem. Once we understood the potential dynamics at play, for us, it seemed like an obvious platform to back”, said Optic Capital Managing Partner.
In July, Islamic Coin team announced it had raised $200 million from investors to bring its groundbreaking funding to $400 million. Funding participants now include Alpha Blue Ocean’s ABO Digital, DF101, and Futurecraft Ventures. The project has also attracted funding from several high-net worth individuals (HNWIs).
Apart from funding, Islamic Coin has struck key partnerships across the globe. They include the recently announced integration with DDCAP Group, Holiday Swap and over 300 Islamic Banks. In the MENA region, the project has lined up 5 partnerships across Medical, Wellness, Immigration and the Travel sectors.
Islamic Coin and HAQQ are also set to be Web3 and innovation partners of multiple companies associated with Dubai’s ruling family.
Details on the HAQQ website also shows the network has integrated with Axelar, Sushi and Allnodes among other platforms.