OneGram, a new Sharia-compliant, gold-backed cryptocurrency, has launched its OGC token crowdsale which began at the onset of Ramadan and will continue for 120 days. OneGram seeks to raise $500 million by selling more than 12 million OGC tokens.
“We are very pleased with early support for the OGC token crowdsale from the cryptocurrency and Islamic finance communities,” said Ibrahim Mohammed, CEO of OneGram. “More than 1,000 people have registered for GoldGuard accounts to participate, and the number is growing each day as we prepare to launch our crowdsale in alignment with Ramadan.”
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The founders of OGC hope that Sharia compliance will be a key differentiator for the token, engineering the solution so that it would fit within the parameters of Islamic law.
For investors to participate in the crowdsale, they must first create an account on GoldGuard and purchase gold at live spot rates. This purchase includes a 10% fee, which will be allocated to long-term business development (5%), marketing costs (1.5%), operational costs (1.5%), and salaries (2%).
Once the cryptocurrency is deployed on the blockchain, there will be a 1% transaction fee. 70% of the transaction fees are reinvested to buy more gold, increasing the amount of gold that backs each token. 25% is used for development and operations, 2.5% is used for charity donations, and 2.5% is used to reward (proof of stake) POS miners.
As transaction volume increases, more gold will be added to the vault and all OneGram investors will share the profit. As such, OneGram will offer increasing value to investors, and open doors for Muslims to participate in the blockchain economy.