OneGram, the first gold-backed and Shari’ah-compliant cryptocurrency, has launched in South Africa.
Each coin is backed by one gram of physical gold to offer an investment vehicle that combines one of the world’s oldest and most stable assets with a digital platform reflective of global demands.
Founded by Dubai-based Ibrahim Mohammed in January 2017, OneGram raised more than $400 million in its Initial Coin Offering (ICO) last year. Each coin is supported by one gram of physical gold. This provides it with a stable floor price as opposed to the volatility of cryptocurrencies like Bitcoin and Ethereum. This gives OneGram its base price, which cannot fall under the spot price of gold.
“Our approach to developing OneGram was to create a bridge between commodities and crypto using physical gold and package it together using innovative blockchain technology. In this way, we are able to give our users the best of both worlds and provide a degree of certainty around the notoriously fickle cryptocurrency market,” says Ibrahim Mohammed.
He added that OneGram presents investors in Africa with a unique way to join the cryptocurrency market with none of the risks typically associated with it.
“OneGram presents investors in Africa with a unique way to join the cryptocurrency market with none of the risks typically associated with it,” he says.
Such has the popularity of OneGram been, that it has investors from 88 countries around the world, many of them from non-Muslim regions.
“We anticipate the demand from Africa to be significant. Not only is there a willingness in the region to embrace digital innovation but having the ability to help with community development while growing in real-world value thanks to the investment in gold, makes it a unique offering in the cryptocurrency market,” says Mohammed.