Hada DBank, the world’s first Blockchain-based Islamic Bank, announced its Hada coin’s listing on the cryptocurrency trading platform F1Cryptos, after the completion of the TGE. F1Cryptos will be the first exchange to list the token after the TGE finishes, giving the exchange first movers advantage when it comes to traders looking to exchange this token.
The TGE is set to finish on the 28th of February, and started around 2 months ago on December 29th, 2017. The first million Hada coin’s were sold at half price, or 1 ETH = 4000 Hada Coins. 20 million tokens were allocated for institutional and accredited investors, 50 million for the pre-TGE, and 225 million were allocated for the main TGE.
Funds raised will see the majority being invested into Research and Development, with 35% of funds being used to have 7 labs established in 5 years, with the 1st lab in Switzerland and the 2nd in Estonia. 30% will be used in OPEX (Operational Expenditure): the hiring of management executives to ensure only the best partners and talent join HADA DBank management and operations.
20% is to be spent on CAPEX (capital Expenditure) with the main focus on acquiring necessary business assets , as well as precious metals and gemstones such as gold, silver, and diamonds to be used as collateral for future customers’ savings, investments and HADACoin’s value.
The final 15% is set aside as a reserve funds, which is to not be used unless its needs are of the utmost necessity. The decision to use this reserve can only be made if top management collectively and unanimously chooses to, thwarting any mismanagement or excessive usage. At a later time, this will be increased to 30% of total capital, in according with Islamic Financial Laws.
After funds are raised, 2018 will be dedicated to getting initial services off the ground, as well as development and testing for launching of other services in 2019 and 2020. The Islamic based bank looks to have banking services and unsecured loans launched in Q3 and Q4 of 2018 respectively, with an official launch in Southeast Asia in 2019.
Alongside the penetration into Asian markets, the first regional market focused on the South East Asian sector as well as IT labs in SEA will be erected. Term Loans, Investment Solutions, as well as the Beta version of their AI advisor should be online by this time as well. 2020 and beyond will see further expansion into other relevant markets, as well as the launch of investment banking and the official version of their AI advisor being released.
About HADA DBank
Set to revolutionize the world of banking, Hada DBank will fuse blockchain technology with Islamic Banking Module. Having recognized the challenges for customers in the current banking state, blockchain technology will ensure security and transparency, while Islamic Banking module will ensure ethical banking and investment.
Learn more on the Hada DBank website: https://www.hada-dbank.com/