This means the issuance process and audited assets can address transparency, certainty and immediacy of transactions - important principles in Islamic financial contracts. Its cryptocurrency product, dubbed GOLDX, was launched at the end of 2017 and has now received certification from Amanie Advisors, a Malaysia-based Islamic finance consultancy.
Unlike other cryptocurrencies, GOLDX involves the issuance of a token backed by physical gold stored in a Singapore vault, and transactions must be completed within a defined time period. In 2017 the startup rolled out in Malaysia a mobile app based on blockchain that allows users to buy and sell physical investment grade gold.
HelloGold plans to expand its gold platform into Thailand later in 2018, while potentially adding a third market by the end of 2018. The company is also exploring other unspecified assets for its blockchain technology, which involves a shared electronic ledger that allows parties to track transaction information through a secure network.
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