CACHE Gold Token certified Shariah Compliant
Fintech CACHE receives Shariah certification for its CACHE Gold Token (CGT).
The Fatwa was issued by Shariah Experts on the 6th of July 2021. It was determined that the CACHE Gold Token is a Shariah-compliant ERC20 token and observes all the necessary Shariah requirements and principles.
CACHE issued its Gold token in July of 2020, an ERC20 token representing one gram of pure gold on blockchain. The investment grade physical gold is locked in partner vaults around the world, currently with vaults in Singapore, Zurich and Dallas. Each bar of gold is publicly auditable using the company’s proprietary explorer: https://explorer.cache.gold/. Each token is also redeemable and any time from any of the vaults CACHE works with.
Shariah Experts provided their expertise for Shariah compliance for the CACHE Gold Token, and will continue to work closely with CACHE to ensure current and future products remain Shariah compliant. Shariah compliance makes CACHE’s products available to the Muslim world, and fundamentally aligns with CACHE’s views on financial products.
CACHE is the brainchild of Gregor Gregersen, the founder of Silver Bullion and The Reserve (a 15,000-ton capacity vault in Singapore, and Brian Hankey, the CTO of Singapore’s largest cryptocurrency ATM operator. Being founded by existing bullion vault operators has given CACHE an advantage, by understanding the intricacies of physical bullion management, each gold token is essentially and fungible and fractional vault receipt.
Blockchain has the potential to change the financial landscape as we know it; offering trustless systems, confidence for all parties in transactions, transparent pricing and 24/7 audibility of assets. CACHE uses blockchain technology to offer the most secure and transparent system in the otherwise often opaque physical gold industry.
CACHE uses blockchain to enable customers to access a gold product typically out of reach: vaulted gold. Where storage fees and minimum order sizes can quickly alienate smaller investors, CACHE facilitates purchases as small as 0.00000001 grams and a storage fee of 0.25% p.a. processed on-chain through smart contracts.
We want to empower our users, and enable access to physical precious metals like never before.
