Blockchain platform for smart asset-backed tokens to kick-start token sale
Jibrel Network, one of the first blockchain-technology startups, has announced the launch of the token sale which will be open to investors until 26 January 2018.
Jibrel Network is a decentralised platform that places traditional assets, such as currencies, bonds, equities and commodities on the Ethereum blockchain, thereby leveraging the cost efficiencies associated with storing and transacting digital assets.
Launched earlier this year by entrepreneurs from the Middle East and beyond namely, Yazan Barghuthi, Victor Mezrin, and Talal Tabbaa, the company has secured over $3.2 million in funds from regional and international investors including TaaS Fund, Tech Squared, Aurora Partners, Arabian Chain during the public token presale in September 2017.
“It is a great pleasure being part of this growing blockchain eco-system, and I am confident that this technology will become an integral part of business environment in the region and across the globe in the coming years. We are still in the early days of Blockchain adoption which presented us with the opportunity to launch Jibrel Network and bridge the gap between the crypto-economy and traditional financial infrastructure. The Middle East–the UAE more specifically–has made important strides towards a future powered by Blockchain through national strategies aimed at leveraging the technology to enhance effectiveness and efficiency. We are very excited to have recently released the alpha jWallet, and are happy to announce our token sale to investors and the blockchain community,” said Talal Tabbaa, Co-Founder of Jibrel Network.
The company was established to address the crypto-economy’s need for regulated, safe and insured assets on the blockchain that can be used as crypto-hedging tools to reduce volatility risks. As well as offering the traditional economy a chance to benefit from crypto-economy by tokenizing assets making them more liquid, Jibrel Network specialises in pioneering the concept of asset-backed tokens and smart regulations. On the Jibrel Network, asset-backed tokens are called CryptoDepository Receipts (CryDRs). These ‘Smart Tokens’ can be used for remittances, global payments, trading, and hedging. In addition, CryDRs have regulation-embedded, ensuring all token transfers on the Jibrel Network are always fully KYC “Know Your Customer” / AML “Anti Money Laundering” compliant.
“Our Blockchain platform aims to engage existing financial institutions, and more importantly, financial regulators. We are firm believers that adherence to financial regulations is key to sustained scalability, and we are taking all steps necessary to ensure our compliance to the highest global standards. Our focus is providing an open source infrastructure where users, investors and brokers can tokenize their assets, and benefit from the advantages of using Blockchain technology – without having to take on risks associated with cryptocurrencies,” Tabbaa added.
Jibrel Network is quickly becoming an important innovator in the space by building an infrastructure critical to the industry’s advancement. Earlier this month, the company launched its first product, the jWallet, an enterprise-grade cryptowallet solution that is highly reliable and user-friendly without sacrificing user security.