Jibrel Network, the first protocol with built-in regulatory compliance that allows anyone to put traditional assets like currencies, bonds and other financial instruments on the blockchain, has today announced that their first Token Sale will take place on 25 September 2017.
First conceived as a better way for migrant workers to send money home, the blockchain-powered platform has swiftly evolved into a fully fledged decentralised banking solution that allows participants to tokenize and exchange traditional assets and financial instruments like currency and bonds; and to provide a payment/remittance solution that enables instant near-zero fee global payments and remittances.
The first version of Jibrel will support transactions in six currencies: USD, EUR, GBP, RUB, CNY and AED. Additional asset support will be added gradually, in line with the integration of further strategic partners.
Network users can convert Jibrel Network Token (JNT) into any of the available currencies, equities or commodities, with the Jibrel Decentral Bank.
At full operation, the Jibrel Decentral Bank will provide a wide range of tokenized financial assets and instruments, allowing for large portions of traditional retail banking to be fully decentralized.
“There is a growing market demand for secure, decentralized alternatives to traditional banking,” commented Yazan Barghuthi, Project Lead at Jibrel Network.
“We are excited to be leading the pack in providing a solution that enables the tokenization of traditional assets, cuts out unnecessary middle-men, and will provide a secure, transparent and fair alternative to retail banking.”
The founders envision that future versions of Jibrel will be fully decentralized, a goal that will be achieved by integrating with traditional financial institutions. Until this is completed, components of the system will be held off-chain, thus requiring governance and transparency.
For this reason, the Jibrel Network has engaged Big 4 audit firm, PriceWaterhouseCoopers, to conduct a financial audit of all relevant accounts and leading consultancy, New Alchemy, to conduct a security audit of all smart contracts.
Following the completion of its Token Sale, Jibrel will fully launch the jWallet and jCash. An institutional-grade ethereum wallet and payment network. Allowing users to seamlessly send, receive, and exchange freely between tokenized currencies.
“Our Token Sale is a significant milestone in the cryptocurrency industry,” remarked Barghuthi. “We are excited to lead the industry forward with our groundbreaking approach, and look forward to providing additional details on the offering, including pricing and tranche size, in the coming weeks.”
Jibrel Network was founded in 2016 by Yazan Barghuthi, Victor Mezrin and Talal Tabbaa. Prior to co-founding the network, Barghuthi was a management consultant with Oliver Wyman and Deloitte, where he managed client portfolios with a combined value in excess of US$1.3 trillion. He holds a Bachelor’s Degree in Chemical Engineering from University College London.
Mezrin acts as the technical lead. He directs all product development at the Jibrel Network. Prior to co-founding Jibrel, Victor ran a globally top-3 altcoin mining pool (pool.mn). He holds a Master’s Degree in Physics from Lomonosov MSU.
Tabbaa leads the company’s business development, manages strategic and regulatory relationships and is also responsible for the expansion in MENA. Prior to co-founding the company, he provided financial and supply chain consulting services to private family offices in Saudi Arabia. Tabbaa holds a BSc in Industrial Engineering from Purdue University. He serves as a board member of Al Tewfik Automobile and Equipment Co in Amman, Jordan; Real Estate Development and Investment Co (REDICO) in Riyadh, Saudi Arabia; and United Gulf Aircraft Fueling Co (UGAFCO) in Jeddah, Saudi Arabia.