INTERVIEW-Certified Shariah-compliant GOLDX to set gold standard for blockchain in Islamic fintech
GOLDX is the world’s first cryptocurrency to be Shariah-certified but that’s not the only thing that makes it interesting.
Malaysia-based company HelloGold announced in late February it was certified Shariah-compliant for its gold-backed cryptocurrency GOLDX by the prominent Islamic finance consultancy Amanie Advisors. Unlike most other cryptocurrencies, GOLDX only issues tokens backed by physical gold stored in a vault in Singapore. The CEO and co-founder of HelloGold, Robin Lee, told Salaam Gateway that GOLDX is part of his company’s mission to “democratize assets such as gold for the mass market” via new tech, starting with setting a high standard for the use of blockchain.
“Gold is a well-known savings vehicle in Asia, but high distribution and storage costs mean that it's an unaffordable investment asset for medium- to low-income buyers, and yet they still do it,” said Lee.
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Leighton Cosseboom