Switzerland-based financial technology firm X8 AG has obtained certification from Islamic scholars for its digital currency, with plans to expand its business in the Middle East, according to the report of Reuters.
X8 AG is among several companies expanding into Sharia-compliant finance in order to tap into the rapidly growing crypto and blockchain industries in the Middle East. As a result, Islamic scholars have been prompted to assess cryptocurrencies and blockchain startups for their validity on religious grounds.
“The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” adding that a regional office would be opened later this month.” said the Co-founder of X8, Francesca Greco,
Switzerland-based company X8 is providing an Ethereum-based cryptocurrency, which is fully backed by a basket of eight fiat currencies and gold. The company also plans to launch a crypto-exchange that would include a Sharia-compliant component, and it has held discussions with local exchanges in Abu Dhabi, Dubai and Bahrain.
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