HAQQ Network expanding Islamic Web3 initiative with Gold Token and RWA

The HAQQ Network roadmap for 2024 and beyond lays a solid foundation for the network’s resurgence.

A key component of HAQQ Network’s strategy is the launch of its Gold token in June, marking a significant step in the network’s larger goal of tokenizing Real-World Assets (RWA).

HAQQ Network’s Gold Token launch 

In a blog post, Alex Malkov, the Co-Founder and CEO of HAQQ Network, 

emphasized the importance of this launch, explaining that the gold token will serve not only as a stable store of value but also as a key component in the Islamic Interbank Market. Malkov noted that tokenized commodities like the gold token offer a more efficient and transparent alternative to conventional asset exchanges.

The gold token will be exchangeable for actual gold, and in the future, it will also accommodate other investment commodities and potential securities.

HAQQ Network also plans to tokenize Islamic financial products such as the “SUKUK” and transform them into blockchain-based tokens. This process increases the liquidity, accessibility, and efficiency of these financial products. This tokenization allows for fractional ownership and broader distribution while ensuring compliance with the Shariah law by integrating compliance rules directly into the token’s smart contracts.

Expanding on its innovations, HAQQ has launched VISA cards denominated in its ISLM token, specifically targeting EU residents.

This move represents a significant step toward integrating Islamic digital assets with conventional financial services, providing European Union users with a way to conduct transactions and manage their finances according to Islamic principles.

The Islamic Coin project saw a solid launch last year, attracting extensive media coverage from top crypto publications worldwide and key fintech outlets in the Middle East.

It also established a substantial community of over 1.5 million members, with an advisory board featuring members of the UAE’s ruling families; this contributed to its successful presale phase, where the ISLM token raised over $200 million in private sales and secured another $200 million through an investment deed.

However, since its launch, the project has faced several challenges and unverified allegations that have affected its growth over the past six months.

Islamic coin navigates regulatory scrutiny and media misinformation

In 2023, the HAQQ Network and its native cryptocurrency, Islamic Coin (ISLM), became the leading Islamic Web3 project worldwide.

The project resonated with the global Muslim community by prioritizing ethics and adhering to Shariah principles, which have often felt underrepresented in the evolving Web3 and blockchain landscape.

Unfortunately, Islamic Coin encountered challenges soon after its launch. Despite a solid technological foundation, growing community support, and successful presale rounds, the project was scrutinized when the Virtual Asset Regulatory Authority (VARA) initiated a detailed investigation. The HAQQ Network cooperated fully with the authorities, leading VARA to close the investigation without any enforcement actions or formal allegations.

Alex Malkov acknowledged the difficulties posed by the investigation but affirmed their commitment to cooperating with VARA and providing the required documentation to demonstrate compliance with the regulatory framework.

The negative fallout from the VARA investigation affected Islamic Coin’s plans to list on exchanges. Preliminary agreements with major platforms fell through as these exchanges raised last-minute concerns over perceived risks, causing unexpected delays and complications in expanding ISLM’s accessibility.

The project also faced negative media coverage. A specific media outlet launched a disinformation campaign against HAQQ, but the network’s leadership chose not to respond with paid promotions, remaining true to their values of transparency and integrity.

However, Malkov reiterated their stance, emphasizing the network’s commitment to fighting against misinformation and Islamophobia, with a shared goal of building a more inclusive and equitable financial system.

HAQQ Network has overcome significant challenges to achieve notable success. Islamic Coin (ISLM) is now listed on major centralized exchanges like KuCoin, LBank, XT, and MEXC, as well as decentralized platforms such as SushiSwap, Osmosis, and Uniswap, boosting liquidity and visibility.

The release of HAQQ’s non-custodial wallet on Apple Store and Google Play allows users to manage their assets securely without intermediaries. With features like social login and device recovery, the wallet aims to attract non-crypto users, positioning it as a top app in regions like Nigeria, Indonesia, and Turkey.

A key wallet feature is staking, where ISLM holders can earn rewards while supporting the network’s security and governance. They can also earn ‘halal yield’ by joining liquidity pools on decentralized exchanges. This concept, compliant with Islamic principles, allows Muslim investors to participate in the digital economy without violating religious guidelines.

Nevertheless, HAQQ Network’s progress shows its ability to merge Islamic finance with innovative Web3 technology while adhering to Islamic ethical standards.