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Malaysia's HelloGold Gets Shariah-compliance For GOLDX Cryptocurrency


Malaysian fintech firm HelloGold Foundation announced Islamic certification for its gold-backed cryptocurrency GOLDX, which was launched on February 1. The company also plans to launch its online gold platform in Thailand later this year.

GOLDX is Ethereum ERC20 token backed by 99.99% investment-grade gold independently vaulted in Singapore.

The company said GOLDX got the shariah-compliant certification for its issuing process, transparent, and immediacy of transactions. The certificate is issued by the Shariah Supervisory Board members of Amanie Advisors, a Malaysia-based Islamic finance consultancy.

HelloGold on its website said, "All of our operations and processes are in line with the Shariah Standard on Gold. The Shariah Standard on Gold was developed together with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the World Gold Council and Amanie Advisors."

The shariah certification is expected to help GOLDX to be launched in several Islamic countries, particularly in Southeast Asia and the Middle East, due to transparency in issuance and auditing process which are the basis of Islamic financial contracts.

GOLDX is a fully operational, 100% audited gold-backed stablecoin. Purchased using either Bitcoin (BTC) or Ethereum (ETH), its main purpose is to provide cryptocurrency investors with the world's oldest stablecoin to help them manage their crypto portfolio.

It also provides cryptocurrency investors with quick and liquid access to physical gold as an investment class. GOLDX can be purchased within minutes and as an ERC20 token is transferable between Ethereum wallets. However, the transaction has to be completed within a defined period.

GOLDX, the world's first audited gold-backed token, is deemed as a fusion of blockchain technology, real world commodities and asset management. It allows the investor to diversify his cryptocurrency portfolio, whether as an option for asset diversification or as an alternative to converting cryptocurrencies into fiat currency.

"Our GOLDX token will help accelerate financial inclusion by providing Muslim customers with transparent and safe access to gold through a digital token, as well as the ability to use their stored gold as value that can be traded beyond the HelloGold system," Robin Lee, CEO and Co-founder of HelloGold said.

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