MRHB and Gold & Silver Standard (GSS) Partner to Expand Halal DeFi Offerings with Tokenized Precious Metals

Oct 06, 2022 00:00 JST

Source: MRHB

MELBOURNE, Oct 05, 2022 - (ACN Newswire) - MRHB.Network, a halal decentralized finance ecosystem, partners Ainslie Wealth's Gold & Silver Standard (GSS), a leading Australian bullion trader since 1974, and will be listing the GSS gold standard ($AUS) and silver standard ($AGS) tokens in MRHB's Sahal wallet.

The partnership with Gold & Silver Standard will provide to MRHB's ethical community a new halal offering - gold & silver tokens with $AUD and $AGS to $USDC/USDT pairings made available on TijarX, the upcoming commodities DEX integrated in MRHB's Sahal Wallet, which will be launched in late September.

"MRHB is very proud to be partnering with Gold & Silver Standard from Ainslie Wealth," says MRHB CEO Naquib Mohammed. "Gold and silver bullion-backed stablecoins will be a great addition to our DeFi offerings. In these times of 'crypto winter' and global recession, when people are finding ways to protect their wealth from volatile markets and inflation, gold and silver are supposedly the safest hedge against the situation, and have been a stable form of storing wealth since 1500 BC."

Naquib adds, "We are more than confident that the partnership will be welcomed by our investors and ethics concerned community, as the volatility of the crypto market is one of the main reasons keeping potential new entrants out of the ecosystem. Due to the benefits of tokenization and borderless trade possible on the TijarX DEX, investors will be able to buy the cheapest gold and silver in the world, even in small amounts."

For Ainslie Wealth, parent company of Australia-based bullion dealer Ainslie Bullion, this means that their gold and silver bullion-backed tokens will now be made much more easily accessible to not only the Islamic Finance investment community but the wider crypto and Web3 community.

"We are excited to bring our gold and silver standard stablecoins to previously excluded communities through our partnership with MRHB DeFi," comments Paul Engeman, Director of Gold & Silver Standard, Brisbane, Australia. "We are confident that Ainslie Wealth's Australia-based vault provides one of the safest places in the world to store bullion and safeguard token value. Bullion-backed cryptocurrency has been growing in popularity worldwide, and we look forward to cementing our goal of being the #goldsilverstandard of the metaverse."

Stablecoins are known to be secure investments against the generally volatile backdrop of the cryptocurrency markets. A research report by the Social Science Research Network found gold-backed stablecoins to be less volatile than Bitcoin. Indeed, data from Arcane Research shows that gold-backed tokens have seen massive growth in 2022 with a market cap that has surpassed USD1 Billion.

The gold and silver standard tokens will be made available in AUS-USDC/USDT and AGS-USDC/USDT pairings, allowing all MRHB users to safely make gold and silver investments using US dollar-backed stablecoins. Each AUS and AGS token is linked to exactly one gram of gold or silver bullion, present physically in the Ainslie Vaults of Melbourne and Brisbane, and audited quarterly by Australia's leading auditing firm.

In early September this year, the MRHB Team visited the HQ of Ainslie in Brisbane to personally ensure the technical and physical infrastructure of GSS.

"Gold and Silver Standard outperforms its competitors, making it the ideal choice for investing in real gold and silver. They are fully redeemable for metal, independently audited, fully allocated with direct legal ownership, available to trade 24/7 and brought to you by a nearly 50-year-old bullion dealer, independent of government and financial institutions and domiciled in geopolitically safe Australia," said Engeman.

As part of the partnership, MRHB and GSS will be creating multiple Gold & Silver backed crypto offerings in a 3-year roadmap.

Aimed at onboarding the USD 3 trillion Islamic Finance sector into cryptocurrency investing, MRHB DeFi's Sahal Wallet ensures that all listed tokens in the wallet are halal, and needs to have gone through a rigorous screening process.

About MRHB.Network

MRHB.Network is a halal, decentralised finance platform built to embody the true spirit of an "Ethical and Inclusive DeFi" by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.

The diverse team comprises researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.

About Ainslie Wealth

Ainslie Wealth, parent company of Ainslie Bullion, is Australia's oldest bullion company. Founded in 1974, Ainslie Wealth has since grown to become the nation's leading bullion trader. In 2019, they launched their gold standard and silver standard cryptocurrency tokens, allowing investors to purchase gold and silver bullion-backed tokens 24/7 with the confidence of knowing their investments are safely locked up in a secure vault run by an established dealer in a geopolitically safe country.

The Gold and Silver Standard: https://goldsilverstandard.com

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Source: MRHB
Sectors: Crypto, Exchange, Blockchain Technology, ICOs & Tokens