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First Islamic Compliant Crypto Exchange Plans to Build Tezos Baking Infrastructure With Sustain.Exchange

Fintech News

Fintech / Fintech News 5 Views

SUSTAIN.EXCHANGE is the first Islamic compliant crypto ecosystem. They recently announced that it is building technology solutions and infrastructure on Tezos, a leading decentralised public blockchain.

In the short term, SUSTAIN.EXCHANGE plans to develop and enhance its Tezos baking infrastructure, which will allow it to participate in the Tezos protocol’s self-upgrading governance mechanism and engage with the broader Tezos ecosystem. SUSTAIN will also provide technical expertise and lend support to the ongoing development and improvement of the Tezos protocol.

SUSTAIN.EXCHANGE’s work on Tezos also includes the development of a primary issuance platform for digital securities integrated with the Tezos protocol, which will enable a pipeline of asset tokenisations on Tezos in the region, further cementing Tezos’ reputation as a leading protocol for high-value financial applications.

Tezos is a decentralised, public blockchain that evolves by upgrading itself. Stakeholders of the Tezos network vote on amendments to the protocol to reach social consensus on proposals, creating a secure and organic upgrading mechanism. The protocol’s on-chain governance system, Proof-of-Stake (PoS) consensus algorithm, and its ability to facilitate formal verification of smart contracts, make Tezos an ideal long-term solution for high-value financial applications.

SUSTAIN.EXCHANGE creates the necessary ecosystem for Muslims investment in the crypto market, their active participation in the market, and promoting the cooperation of Muslims with the rest of the world in the area of crypto-trading and crypto-investments. Creating sustainable competitive advantages in the Muslim world is impossible without an understanding of the specifics of the Islamic mentality and cultural values. Taking into account these factors, SUSTAIN.EXCHANGE  has developed a corporate strategy, as well as functional strategies on key aspects of the company’s operations.

SUSTAIN.EXCHANGE’s developers will also provide support to self-sovereign identity projects already underway on Tezos, along with spearheading the design and build of a Texas-based solution for Affipay, SUSTAIN’s payment and issuance product.

Through strategic engagement with the Tezos protocol and ecosystem, SUSTAIN.EXCHANGE is working to take its crypto trading ecosystem from the nascent status of an issuing-trading platform to a complex ecosystem that can help not only the cryptocurrency space but the whole business sector by encouraging easier digital adoption and faster money movement across platforms.

Sulaiman Al Fahim, the founder of SUSTAIN.EXCHANGE, said  “Our work on the Tezos protocol adds to the value we want to create on SUSTAIN.EXCHANGE  to help the 1.8 billion members of the Muslim community across the world to securely access and trade cryptocurrencies backed by state-of-the-art blockchain technology. Building on Tezos gives us access to a successful and technically experienced global ecosystem of builders and developers, and will help us strengthen our processes and achieve the milestones we have planned for SUSTAIN,” said

Hubertus Thonhauser, the Chairman of the Tezos Foundation Council, said commented, “We are thrilled to welcome SUSTAIN.EXCHANGE to the Tezos ecosystem given their status as a leader in digital innovation. The Tezos Foundation eagerly anticipates SUSTAIN’s contributions both to the protocol and to the growth of the Tezos ecosystem in the Gulf Cooperation Council (GCC) region and beyond.”

SUSTAIN.EXCHANGE’s work on Tezos marks an important milestone for the adoption of blockchain technology solutions in the GCC region and the Islamic world more broadly.

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