Rubius and World Coin Network Launch Strategic Partnership
Rubius plans to help the world’s 1.7 billion unbanked adults gain access to the global financial system through a strategic partnership with the World Coin Network. World Coin is an effort to create a universal Middle Eastern cryptocurrency designed to stimulate economic development in that region and beyond.
Cryptocurrencies can help Muslims participate in the financial system and ecommerce because they are compliant with Sharia Law. Traditional Sharia Law bars Muslims from charging or paying interest and using financial institutions that charge interest. This prevents devout Muslims from using modern banking instruments such as credit cards and checking accounts.
The company, World Coin Network, is a financial services business which will be launching a series of cryptocurrencies and exchanges designed for use in specific Islamic nations. Some of those countries like Syria, Yemen, Somalia, and Afghanistan have very low levels of economic activity and high levels of poverty because of unstable currencies.
World Coin and Rubius want to Bring P2P Payment to the Middle East
World Coin’s vision is to offer the people of the Middle East and other regions a stable cryptocurrency that can be used for electronic payments.
Rubius will help make that vision a reality with tools such as its Aryl Wallet. The Aryl Wallet is designed to provide instant access to the Rubius Platform via a smartphone app.
The Aryl Wallet’s Volatility Shield feature would enable users to instantly convert WCN, the World Coin Network tokens, into any ERC20 or Ethereum-based cryptocurrency. That would let observant Muslims receive and send electronic payments without violating Sharia law.
The Aryl app is a peer-to-peer (P2P) platform that will allow users to send to send instant mobile payments anywhere in the world without violating Sharia Law. That would enable people in Middle Eastern nations to receive direct remittance payments from friends or relatives working in other countries. Another use of WCN and Aryl would be to facilitate direct charitable giving between people in other parts of the world and residents of the Middle East.
Rubius is a fintech software research and development company that plans to build a suite of solutions that can be used anywhere in the world. Rubius’s products will help World Coin to make its plans for building a blockchain platform that is compliant with Sharia law a reality.
Rubius and World Coin Network are Exchanging more than just Words
The first hurdle for the World Coin Network is over. They just recently completed their initial coin offering (ICO) and deployed their WCN tokens. However, the Rubius ICO is still upcoming and is scheduled to go from August through September. What both companies do have in common is they are creating their own cryptocurrency exchanges.
Rubius Inc. is planning to launch their multi-asset exchange, Rubiex, within the next few months. Rubiex will begin as a cryptocurrency trading platform, but eventually grow into a multi-asset platform where cryptocurrencies will trade alongside other tradable assets such as stocks, ETFs, mutual funds, etc.
Rubius will be providing World Coin Network’s ERC20 token with a free listing on Rubiex in exchange for listings on World Coin’s partner exchanges. With this cross-platform utilization, both companies will benefit from increased liquidity and exposure.
World Coin Plans Blockchain Platform that is Compliant with Sharia Law
In the future, Rubius will help World Coin Network build their own blockchain platform. And, the key to that platform’s success will be integrating the blockchain solution with physical exchanges. This would enable Muslims to exchange cash directly for the cryptocurrency.
World Coin’s platform will be followed by a website plugin, the Sharia law lending platform, and mobile app development. Rubius’s expertise will be vital for the creation of those solutions.
The Sharia Law Lending Platform will facilitate economic development in the Middle East, Africa, and Central Asia by making credit available to Islamic merchants. This will help World Coin Network achieve its goal of integrating traditional Islamic merchants into the global economy.
The potential market World Coin can tap is immense because there are 1.8 billion Muslims in the world today, the Pew Research Center calculated. Islam is the world’s fastest-growing religion, Pew forecasts that the number of Muslims will grow by 70% and reach three billion by 2060.
Bringing all of those people into the global economy is necessary for the peace, security, and stability of the world. Middle Eastern countries that lack stable currencies and access to the world’s financial system are among the most unstable. Those nations include Iraq, Syria, and Yemen, which are plagued by terrorism and civil war.
Currency devaluation is the main destabilizing force in the Middle East. Lack of stable currencies blocks business creation and economic development. Devaluation fuels the refugee crisis plaguing Europe by forcing people to flee to regions with more stable currencies in search of work.
The Middle East will be the perfect place to test Rubius’s plan of using cryptocurrency, blockchain platforms, and apps to bank the unbanked. Around 85% of the people in that region lack bank accounts.
By offering currency stability and access to the financial system, the World Coin Network and Rubius hope to bring the Middle East and other regions into the global marketplace. Such access will be key to fostering economic development and bringing peace to the region.
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