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Dubai, July 17th, 12:00 GST —
OneGram, a gold-backed and Islamic finance-ready cryptocurrency, is nearing the halfway point of its ICO and feeling confident in the face of a volatile market. With the crypto market cap dipping from a $110 billion peak to ~$70 billion, OneGram reaffirms its position as a stable asset-backed cryptocurrency that is building towards long-term goals.
“The value of most coins in their ICO or post-ICO today is determined as a result of speculation. They are all in a conceptual phase, or an MVP at best, with their value largely derived from people believing they are going to be worth more and more in time. Any event that causes that belief to weaken (as we are seeing now) causes a colossal collapse of those coins’ worth. Even bitcoin, whilst arguably more stable, is susceptible to this.”
In contrast to the ongoing volatility, the OneGram team affirms that an investment into OGC is first and foremost an investment into the stability and security of gold. 90% of ICO investment goes into gold backing the coin, the value of which can be retrieved by the investor at any time. As such, regardless of market movements, OneGram investors will never see a greater than 10% loss in their ICO buy-in.
With the ICO lasting 120 days, the team made a decision to break the norm of 1-2 week ICOs in order to encourage people to make calculated and researched decisions. The vision is to “develop cryptocurrency infrastructure in the ME&A regions and South Asia for the long-term, and we have already begun to do so thanks to our early investors” states OneGram founder, Ibrahim Mohammed. OneGram also aims to capitalize on its first movers’ advantage in the Islamic financial market, $1.2 trillion in size, through being the first Sharia-compliant cryptocurrency. They believe this is one of their main unique selling propositions in contrast to other asset-backed cryptocurrencies.
Ultimately, the OneGram team feels self-assured in the face of a bearish cryptocurrency market – stating that the OGC is designed to withhold value through asset-backing in hard times, and flourish through solid blockchain design and strong links to Islamic finance in the long-term.
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