Altcoin News: Sharia-Certified Crypto Exchange Lists XRP
Cryptocurrency Exchange Rain from Bahrain, certified under Sharia law, announced the launch of trade XRP token. Previously, only BTC, LTC and ETH were traded on the site.
“To add more legitimacy and gain the trust of its customers, Rain also announced that it has passed a Sharia compliance certification. The Sharia-compliance certification was completed by Shariyah Review Bureau (SRB). SRB is licensed by the Central Bank of Bahrain as a Sharia Advisory firm authorized to issue Sharia compliance certifications.
SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain comply with Sharia principles.”
“Our sharia compliance certification is based on BTC, ETH, and LTC. We are in the process of getting an opinion on XRP,” representatives of the cryptocurrency exchange stressed.
The marketplace was the first company released from the regulatory sandbox, which was organized by the central bank of Bahrain. The initiative aims to ensure that firms can “test their decision on a limited number of users with a limited number of transactions.”
XRP trading pairs with Bahrain dinar, Kuwaiti dinar, UAE dirham, Saudi riyal, Oman rial, and US dollar are available to users.
Earlier, the head of Ripple on infrastructure innovation, Dilip Rao, stressed out that the Middle East is a new market for Ripple, but very important.
Author: Marko Vidrih