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Swiss Crypto Company, X8 Obtains Islamic Finance Certification

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The cryptocurrency space is beginning to attract the Islamic financial world. Regulators and financial exchanges in the Middle East region are working to ensure that finance is Sharia-compliant. To this effect, a Switzerland-based fintech firm, X8 AG has received a certification from the Shariyah Review Bureau (SRB) for its digital currency. Reports have it that X8 AG is seeking to expand its business in the Middle East.

Director and co-founder of X8, Francesca Greco revealed that the company hopes that its Ethereum -based stable coin which has the backing of eight fiat currencies and gold, can address some of the concerns of Islamic scholars. Most of these concerns revolve around the religious validity of cryptocurrencies, its price volatility and the types of assets backing these digital tokens.

The Zug based company received the certification from SRB, a Sharia consultancy and audit firm licensed by the central bank of Bahrain. SRB holds over 13% of the market share of Saudi Investment Companies. These companies are licensed by the Capital Markets Authority (CMA). The SRB also holds over 21%  of the Cooperative Insurance Firms which are Listed on the Saudi stock-exchange market.

X8 also has plans to launch a Sharia-compliant crypto exchange and has been in talks with local exchanges in Abu Dhabi, Bahrain and Dubai. Greco revealed. “The Gulf region is a really good place for financial technology companies because they all want to become hubs for fintech.”

Several fintech firms are beginning to integrate their technology into the field of Sharia-compliant finance. Sometime in July, Stellar (XLM) claimed to be the first blockchain protocol to received a Sharia-compliant certification in the money transfer and asset tokenization field. Not to be left out, NOORCOIN, a crypto utility token was certified in March with a Sharia Certificate from the World Sharia Advisory Committee. Also, X8 has claimed to be a ‘pioneer of a unique class of stable tokens’.

 

 

What do you think about Sharia-compliant certification for cryptocurrency? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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KubitX: Improved Liquidity and Local Debit Card Support

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Buy digital assets directly on the exchange using your local debit card, from anywhere.
KuBitX Exchange has received an injection of life starting with our BTC/USDT market. Volume has been picking up and as we get more liquid we will start to extend this life to other popular pairs, starting with the one you have been waiting for…

If you are following our progress you will have noticed that we are already implementing an “Instabuy” feature that will allow you to buy crypto over the counter using your local debit cards, wherever you are in Africa and the world. We will be starting off with Bitcoin. The global lottery communities will love this one. Not only the lottery folks but users of platforms like Luno, Remitano etc will also finally have a cheaper and quicker alternative for purchasing and storing their preferred crypto, especially as they can start trading with it right away on the exchange without having to pay the usual withdrawal fees!

Our payment gateway integrations will make this seamless, quicker and more convenient. Pay all kinds of bills using KBX and enjoy cash-backs!

KuBitcoin is ready for the world

The wait is over. KBX will be available for buying and trading on the exchange on 15 June 2019 from 15 hrs GMT. It has been a long time coming and we have been preparing the vehicles to help it go mainstream through real-life adoption and solid utility cases.

Once trading of KBX commences, we will make it available for direct purchase on our PROW app. People will be able to use KBX to pay for their utility bills, flights, cable and internet subscriptions and a host of many other e-commerce products and services. Users who choose to pay using KBX will get discounts in the form of cash backs on every transaction! Plus top KBX users will qualify for our periodic user raffle draws where they stand to win crypto, gift vouchers and real-life products from Business partners in Africa and beyond.

Not only that, our ambassadors will start onboarding real-life merchants who will start accepting KBX for payments too for a chance to participate in an airdrop program. The merchants, customers, and ambassadors will start to earn passive income from this initiative whenever a transaction is done using KBX via the PROW app. The utility of and therefore the demand for KBX will keep increasing as we onboard more users.

Now is the time to hold your precious tokens dear, and secure them jealously 🙂 To ensure that you can grow them while holding them, a staking platform is already in development to enable you to earn interest when you hold KBX for long periods.

In the coming weeks, we will start organizing crypto meetups in cities in Africa where we showcase our current products and how they interplay to make the life of the common man and crypto enthusiast easier, so we can expect gradual traffic increase. We will also be focusing more on liquid projects so that the exchange only has quality options for our dear customers. If you know any such quality project, please do not hesitate to reach out to listing@kubitx.com with details of the project. You may also ask them to fill this form.

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Satowallet Ready to Launch A New Web Exchange 

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Satowallet Set to Launch Web Exchange

Satowallet, a multi-cryptocurrency wallet and exchange App which came into existence in 2017 is set to launch to its global audience on the 6th of June 2019.

It is available on both Android and iOS and has partners like Changelly, Tron, Digibyte and others. Users of Satowallet apps store, stake/mine, and securely trade their cryptocurrencies as it has moved from being a multi-asset wallet app to a full trading app. Satowallet is one of the few African blockchain projects with Global relevance which is currently being used in over 50 countries and expanding.

In an exclusive interview with Cryptotvplus.com , the CEO of Satowallet, Samuel Benedict Ogbonnaya responded to questions bordering on:

1. Who is the exchange open to? 

2. When is it most likely to be launched? 

3. Some features of the exchange that stand it out among competitors? 

4. Any special community program in place towards the launch?

Speaking to cryptotvplus.com on who the exchange is open to, the CEO said that the exchange is open to all who are interested in crypto. In his words: “SatoWallet Exchange will be open to everyone in the world who is looking to delve into the blockchain space, with specific interest in Cryptocurrency. SatoWallet however, currently has a user base spanning across over 50 countries of the world. We have been able to achieve this  given our customer-centric nature and a conscious pursuits of engaging more individuals into the blockchain space.

With the launch of the exchange, and the global rising of industries seeking to dive into the blockchain space, Satowallet Exchange will provide better use case analysis and market trends for a variety of professionals and bodies alike…”

As the interview progressed to the second question, cryptotvplus.com learnt that the exchange is likely to go live on Thursday, 6th June, 2019.

“The SatoWallet Exchange will go live on Thursday, 6th June, 2019. A look through our handle on Twitter (@satowallet) has a breakdown of some of the key features to look out for. As of today Monday, June 3rd, 2019, SatoWallet has a scheduled system upgrade, which will see SatoWallet working on migrating it’s User accounts of over 150,000 Users to deliver a smooth launch as scheduled. Adequate technical analysis will be provided for during this period,” the CEO assured.

He also said that “this period will see SatoWallet having a lock time, as opposed to a down time which many are known to have. While activities have been locked, the routine is to last for only about 8hrs, from there’s on, all orders, deposits, withdrawals etc will be open for trading.”

On the preceding question, the CEO took his time to detail the features that stand Satowallet exchange out. He said;

“On our competitive advantage, we’re caught between saying it’s too much or too good to be true. It’s how much of a competitive advantage we have created on the new web exchange.

The SatoWallet Exchange will highlight a variety of features, some of which some users might not even know about until they are told. This we intend to work on creating awareness so Users take advantage of it to its fullest. We have:

1. Shop with Crypto: this feature addresses an emerging trend amongst people who are both new to crypto and those who have experience – that is, what is the store and measure of value of cryptocurrency. With the Shop with crypto feature, users will have first hand experience on what it means to get a real life value use Case with cryptocurrency.

Users will be able to shop for a variety of custom collectibles deliverable to them anywhere in the world as you have shopping with fiat.

2. Coin voting: this feature will address the issue of what people in the crypto space will term shit coin or projects that set out to exploit people.

With this feature, Users will be able to trade, review and vote project viability based on their performance on the market. That way people don’t lose their investments. This will see SatoWallet moving to infuse a minimal level of stability in the crypto space among crypto projects.

3. Announcements: if you’re going to invest in an enterprise, especially in the crypto space, it is better to always be in the know things. The announce page will publish all news, report, updates, statistics and insight on satowallet activities giving transparency to our role in enhancing the pace of crypto activities.

4. IEO Launchpad: this is simply to create ease of trade and fund raising for our Users and crypto projects. Projects on the IEO Launchpad will be subject to scrutiny and SatoWallet will ensure to provide adequate notice in event of a new IEO.

5. Faucet: The exchange houses a live page for earning free cryptocurrency for any and all users registered on the satowallet exchange. The feature has been simplified much that Users get crypto every 10 mins just for clicking “Claim”. However, there are limitations to how much one user account can get, to ensure equitable distribution.

Other features in the SatoWallet Exchange are

1 Funds Password: an optional added security layer to safeguard users account from issues of unintentional spending, wring spending, double spending and issues of account intrusion.

2. Live Trade Chat: meet with other traders live on a trade and exchange conversation on analysis and trends in the market.

3 Fiat Deposit and Withdrawal: Users will now have greater cryptocurrency liquidity, as crypto deposits can be made direct with fiat transfers and withdrawals can also be made direct to fiat transfers.”

Furthermore, the CEO also responded convincingly stating that following the launch of the web exchange SATORONES will be formed. SATORONES is a community of volunteer Satowallet Ambassadors.

He said, “upon the launch of the exchange, a community of volunteer Satowallet Ambassadors will be formed, they will be called “SATORONES.” Satorones will be giving SatoWallet representation in all our user countries. Direct engagement will come to us through these Ambassadors and they will take charge of organizing country Meet ups organized by SatoWallet and build a host community support base, to educate more people and afford SatoWallet opportunity to impact community lives.”

It will be good to note that registration is currently open to all “new and intending users of the exchange to begin signifying interest as SatoWallet will ensure to provide adequate training and an environment challenging enough to make a new community of knowledgeably vast individuals contributing to the Crypto space,” the CEO said.

Further resource links include:

Apps: https://satowallet.com/app

Twitter: https://twitter.com/satowalletapp

Telegram: https://t.me/satowalletexchange

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Adoption News

Digital Assets Exchange Luno Launches Cryptocurrency Literacy Tour For Varsities in Nigeria

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Owenize Odia, Country Manager for Luno Nigeria facilitating a session at the recently launched Cryptocurrency literacy Tour for Universities by Luno

Luno has kicked off its cryptocurrency adoption program for Nigerian universities dubbed “Cryptocurrency Literacy Tour for Universities” launching out with the University of Lagos as the first of a series of tour where it will go about canvassing for the favourable adoption of cryptocurrency through knowledge in 6 Nigerian universities.

Luno, an exchange based off of South Africa was launched in 2013. It has since continued its growth trajectory by adding new users across 40 countries spanning more than 4 continents. It presently boasts of up to 3 million registered users across its platform with Nigeria as one of its biggest market.

Speaking on this development, Owenize Odia, the Country Manager for Luno said:

We are committed to educating our customers given the nature of the market and the tendency for people to fall into the wrong hands while online

With its debut tour kicking off in Unilag and having 300 youths in attendance, Luno is clearly taking the charge to bringing about perceptual shift and a favorable disposition towards cryptocurrencies which it says has not been properly understood. Through its representative Odia, it argues that the current financial systems was built for a non-digital age, ignoring the needs of the modern individual. Citing on the decentralized nature of a peer to peer digital currency like the bitcoin, it is not dependent on any central government or authority as obtainable with fiat.

She continued by saying

We are contributing by investing heavily into our Luno Learning Portal, which helps the public, the media, and other stakeholders educate themselves about the facts, opportunities, and risks in the cryptocurrency market,

In her post on LinkedIn, Odia assured the participants and other stakeholders that Luno would continue to focus on awareness initiatives such as this in Nigeria and Africa at large, thereby providing a reliable platform where just about anyone can visit either buy or sell cryptocurrencies.

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Cryptopia Capitulates, Appoints Grant Thornton as Liquidator.

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Cryptopia Caputulates, Appoints Grant Thornton as Liquidator

New Zealand based Cryptocurrency Exchange which was hacked in January 2019 Cryptopia capitulates, appoints Grant Thornton as Liquidator in its move to start settling affected platform users.

This decision was reached according to the liquidator’s press release that the management after efforts were made in an attempt to return the exchange to profitability which proved unsuccessful and as such it became the interest of all stakeholders to liquidate the Company.

Liquidator David Ruscoe was quote saying,

We realize Cryptopia customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,

According to the Liquidator, the process is expected to span into months due to the complexity of the situation.

However, they (Liquidators) are focused on securing the assets of all stakeholders for their benefits and as such during this period, exchange activities will be suspended.

They further went on to say they are working with relevant authorities and independent experts as it concerns the exchange’s legal obligations.

In spite of this, as the news reached CryptoTwitter, the news of the liquidation has met a combination of pity, sadness and vexation of users of the Exchange with one saying and comparing Cryptopia to Binance

Another user felt he has been cheated and commented thus

Before its hack, Cryptopia was home to a large number of listed tokens and coins which attracted many Cryptocurrency Traders.

Despite the clamour for ultra-high security in exchanges and the call for users to hold their digital assets themselves on their private key held wallets, users still hold their assets on exchanges which are a prime target for hackers.

Recently on the 7th of May, Binance was hacked and it suffered a substantial loss of about 7000 BTC worth about $40m as at that date. Though it was a dent on the whole industry, the exchange reported it will indemnify all loss via its SAFU Fund.

The comparison of Cryptopia to Binance speaks volume of the nature of the industry. It’s better to exchange assets on an exchange that has insurance than those which doesn’t.

It’s also better to be outrightly transparent as Cryptopia was in liquidating the firm and settling stakeholders.

However, the question that must be answered is, will the small guy in a remote village of a third world country with assets on the exchange valued at about $50 or less receive indemnification? If yes, to what extent?

To answer this, let’s wait months to see or worse, years as is the case with Mt. Gox.

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