Islamic Coin has attracted global VCs with Optic Capital now among the venture capital firms and private funds that have invested in the Shariah-compliant cryptocurrency. Optic Capital, a Web3 venture firm that has backed projects such as Polkadot, Chainlink and Compound, has made an undisclosed investment in the project.
Islamic Coin is a Sharia-compliant digital money project powered by the HAQQ blockchain. Its ISLM token launches on September 1, 2023, with the crypto project co-founded by UAE entrepreneurs Mohammed AlKaff AlHashmi and Hussein Al Meeza.
The platform has gained attention since its launch and has secured various partnerships and investments. Alpha Blue Ocean’s ABO Digital, DF101, and Futurecraft Ventures have raised $200 million for the project, bringing its total funding to $400 million. Furthermore, high-net worth individuals (HNWIs) have also contributed to the funding.
In terms of partnerships, Islamic Coin has integrated with DDCAP Group, Holiday Swap and over 300 Islamic Banks. The project is also set to become Web3 and innovation partner of various companies associated with Dubai’s ruling family. Additionally, the network has integrated with Axelar, Sushi and Allnodes.
Managing Partner of Optic Capital said, “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.”