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Paxtradings Crypto Minute: April 9, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: April 9, 2018

OneGram Aiming to Create an Islam-Compliant Cryptocurrency

OneGram will issue a gold-backed cryptocurrency in an effort to create an Islam-compliant cryptocurrency. According to Reuters, leading figures in the Islamic community generally view most popular cryptocurrencies as “products of financial engineering and objects of speculation” — which make them forbidden. More specifically, Sharia principles emphasize economic activity based on physical assets. OneGram’s planned cryptocurrency is backed by at least a gram of physical gold, which is intended to limit speculation — theoretically resulting in an Islam-compliant cryptocurrency.

Alibabacoin Foundation Publicly Rebuffs Trademark Infringement Accusations from Alibaba

The Alibabacoin Foundation, a Dubai-based ICO, has publicly rebuffed allegations of trademark infringement from Alibaba, the large Chinese e-commerce company. According to Reuters, a U.S. judge has placed a temporary restraining order on Alibabacoin Foundation. Alibaba filed a lawsuit in the U.S. last week after accusing the Alibabacoin Foundation of “prominent, repeated, and intentionally misleading” trademark infringement.

John D. Rockefeller’s Venture Capital Firm to Invest in Cryptocurrencies

John D. Rockefeller’s USD 3 billion venture capital firm, Venrock, is investing in cryptocurrencies. According to BitPlex, Venrock has invested in large technology companies in the past — such as Intel and Apple in their early stages. Venrock is currently invested in Nest and the Dollar Shave Club.

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