Gregor Koželj, founder and chief executive officer, X8

X8 Ag, a Swiss-based cryptocurrency firm, plans to expand into the Middle East region by tapping demand from Islamic investors. The firm today said that it has acquired Sharia compliance for its digital currency and wealth solution powered by artificial intelligence.

“With the changing environment of banking and asset management primarily due to fintech-driven shifts, the market for wealth preservation in Islamic finance is poised to see disruption and it is for this reason that we are seeing an increasing demand for our product in the Islamic markets,” said Gregor Koželj, founder and chief executive officer, X8.

He added that the Sharia compliance certificate provides reassurance to Islamic investors seeking to make investments in Shariah compliant assets. The certification also extends the Sharia compliance to X8’s Ethereum based Tokens along with guidelines for trading in currencies and preserving value.

X8 acquired the certification from Bahrain-based Shariyah Review Bureau (SRB) which is backed by the Central Bank of Bahrain. “Blockchain based projects require detailed review of its design and technical structuring aspects,” said Mansoor M Ahmed, AGM, SRB.

X8’s digital currency is backed by eight major currencies and gold. X8 said that this basket of fiat currencies and gold helps create safety and the strong foundation necessary for a digital currency, while the Automatic Reserve Management-AI helps find the best exchange rates for the elements in the reserve.

“We are thrilled by X8’s vision to advance digital currency capabilities by systematically using blockchain and Artificial Intelligence techniques” said Yasser S. Dahlawi, founder and chief executive officer, SRB. “Moving forward we will work closely with the team at X8 to ensure that they have access to the levels of expertise required for attaining Sharia compliance in their business facilities.”

by Parnika Sokhi