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Bringing about much-needed regulation to cryptocurrencies, jCash is now available for licensed entities, regulators and governments to pilot worldwide for optimized transactions
As part of the pilot, jAED will launch first then will soon be followed by jUSD and jKRW. The roadmap includes adding jGBP, jCHF, jCNY, jJPY, jRUB and jEUR
Dubai, UAE - Jibrel Network, the first decentralized protocol for storing and transacting traditional financial assets on the ethereum blockchain, today announced its partnership with the SEED Group, a group of diversified companies owned and chaired by The Private Office of Sheikh Saeed Bin Ahmed Al Maktoum to pilot and develop jCash in the UAE. jCash is Jibrel Network’s first release of tokenized financial assets, combining the efficiency of blockchain technology with existing financial regulations and real-world rules. The partnership will utilize its network of licensed financial institutions to bring institutional grade liquidity to the blockchain, in the form of jCash.
jCash, Jibrel Network’s crypto-fiat solution, which strikes a unique balance between decentralization and compliance, helps to unlock the revolutionary benefits made possible by smart contracts and blockchain technology, while addressing their volatility and lack of regulation.
While smart contracts have begun to permeate financial services, they remain heavily limited given due to the volatility of the cryptocurrencies they rely on. As a result, institutional adoption has been restricted to a few early adopters. With jCash and the stable crypto-fiat currencies it provides, smart contract technology can be used in to facilitate transactions in our everyday lives, from mortgage payments to property ownership transfers.
As part of the pilot, jAED will launch first then will soon be followed by jUSD and jKRW. The roadmap includes adding jGBP, jCHF, jCNY, jJPY, jRUB and jEUR.
Outlining the significance of launching jCash from Dubai, Yazan Barghuthi, CEO and co-founder of Jibrel Network said: "Dubai's Crown Prince Sheikh Hamdan's vision of having Dubai the blockchain capital of the world by 2020 created a wave of public and private sector initiatives focused on blockchain adoption. This will pay-off handsomely in the future, as it will help Dubai cement its position as a leader in the evolution of Web 3.0 and Distributed Ledger Technology. "
Hisham Al Gurg, CEO of The Private Office of Sheikh Saeed Al Maktoum, said: “We appreciate the value of jCash and see potential for mass adoption in the region. We look forward to supporting Jibrel Network as a strategic partner in establishing a presence in the UAE and MENA region.”
Commenting on the partnership, Talal Tabbaa, co-founder of Jibrel Network said: “We are truly honored to partner with SEED Group to launch jCash in the UAE and across the region. We are very thrilled to announce that jCash is being piloted and further enhanced in the UAE, which has been forthcoming in embracing technology and making innovation a key pillar in its vision for the future. With products like jCash, we are empowering governments, regulators and businesses all over the globe with the technology and infrastructure to build the financial networks of the future.”
jCash is now available to be piloted by licensed entities, regulators and governments around the globe. Using jCash, real-world transactions can benefit from the transparency, efficiency and accountability offered by smart contracts and distributed ledger technology, enabling better storage, transaction, tracking and monitoring of value.
Being a timely solution to the industry’s challenges, jCash will help integrate blockchain with the traditional economy.
Launched last year by entrepreneurs from the Middle East and beyond namely, Yazan Barghuthi, Victor Mezrin, and Talal Tabbaa, Jibrel Network has secured over USD 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. As part of its partnership with SEED Group, Jibrel Network aims to tokenize USD 250 million worth of financial assets in addition to the USD 30 million raised to act as liquidity for jCash.
To learn more about jCash, visit http://jibrel.network.
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About Jibrel Network
Jibrel Network offers decentralized, asset-backed tokens representing real-world traditional financial assets (such as equities and commodities), known as CryptoDepository Receipts (CryDRs). These smart tokens have regulation embedded, ensuring that real-world rules and regulations are always followed. By translating real-world regulation into code and deploying it on-chain, Jibrel Network creates smart regulation and “governance without governments.
For more information please visit: https://jibrel.network
About SEED Group
Over the past 16 years, the SEED Group has formed strategic alliances with leading global companies representing diverse regions and industries. These companies have propelled their business interests and goals in the Middle East & North Africa (MENA) region through the support and strong base of regional connections of the SEED Group. The Group's goal is to create mutually beneficial partnerships with multinational organizations and to accelerate their sustainable market entry and presence within the MENA region. The SEED Group has been a key point in the success of all its partners in the region helping them reach their target customers and accelerate their businesses. The Private Office was established by Sheikh Saeed Bin Ahmed Al Maktoum to directly invest in or assist potential business opportunities in the region which meet The Private Office's criteria.
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© Press Release 2018
