Islamic Coin, a digital currency adhering to Sharia law and built on the HAQQ blockchain, has successfully secured an undisclosed investment from Optic Capital. The announcement comes just ahead of the official launch of its native ISLM token on September 1, 2023, and was exclusively disclosed to CoinJournal.
Optic Capital, a Web3 venture firm, has a history of backing prominent crypto initiatives like Polkadot, Chainlink, and Compound.
Islamic Coin, co-founded by UAE entrepreneurs Mohammed AlKaff AlHashmi and Hussein Al Meeza, aims to establish a Sharia-compliant financial ecosystem through its HAQQ blockchain. The project is set to officially launch on September 1, 2023.
Growing Interest from Global Venture Capitals
Since its inception, Islamic Coin has garnered significant attention, particularly for its strategic partnerships and investment backing. The project has attracted a diverse range of venture capital firms and private investors, largely due to its potential for global adoption.
Optic Capital’s investment further solidifies the project’s standing among major venture capital firms and private funds.
Optic Capital’s Managing Partner commented, “Islamic Coin’s unique positioning opens up the blockchain to a potential user base of over a billion people. The project stands out for its innovation, scalability, and its ability to address complex adoption challenges. Once we grasped the scope of its impact, backing the project was a clear decision for us.”
Previous Funding Rounds and Partnerships
In July, Islamic Coin revealed it had raised $200 million, bringing its total funding to an impressive $400 million. Notable investors include Alpha Blue Ocean’s ABO Digital, DF101, and Futurecraft Ventures, along with several high-net-worth individuals.
In addition to funding, Islamic Coin has formed strategic alliances globally. Recent collaborations include DDCAP Group, Holiday Swap, and over 300 Islamic Banks. In the MENA region, the project has secured partnerships in various sectors, including Medical, Wellness, Immigration, and Travel.
Future Collaborations and Integrations
Islamic Coin and its HAQQ blockchain are slated to become Web3 and innovation partners for several companies linked to Dubai’s ruling family. Further details on the HAQQ website indicate integrations with platforms like Axelar, Sushi, and Allnodes.