IBF Net Group to create halal blockchain ecosystem

IBF Net Group, which previously created a Shariah-compliant metaverse on the blockchain, has announced an expansion fueled by its recent initial crypto offering.

The project is ready to create new halal parks and innovative platforms on the blockchain, using its position as a developer of digital solutions in Islamic business, finance and technology. The company aims to use both blockchain and immersive technologies to solve the unique development problems of the Islamic world.

The blockchain-based platforms launched by IBF Net Group so far have already made progress in revolutionizing various sectors. The IBFNEX initiative has an ambitious goal of creating a miniature Islamic economy on the blockchain. In line with the trichotomy of a halal economy – into philanthropy-driven, not-for-profit and for-profit sectors, the IBFNEX platforms can facilitate seamless donation and volunteering, ensure preservation and authentication of valuable records (such as endowment) . deeds) and allow profit exchange of digital assets through NFTs, while providing for purchases backed by digital security. NETVERSE represents the IBF Net Group’s halal metaverse, offering a virtual world for exploration and connection with various possibilities.

Originally developed on the Algorand protocol by IBF Digilabs – the Singapore-based member of the IBF Net Group, the project made a strategic move to Polygon, where it aims to amplify the impact of the platforms and provide enhanced experiences to users. The expanded platforms at Polygon are expected to offer users an experience that allows them to access a wider range of features and benefits.

To power its platforms on Algorand and Polygon, IBF Net Group has introduced two dedicated crypto-tokens – $IBFX and $IBFN, respectively. These crypto tokens will serve as the engines that drive the functionality of the platforms, facilitate transactions, stimulate participation and hopefully improve the overall user experience. Furthermore, $IBFN – the crypto token associated with the platforms on Polygon – is the first to go for an initial offering, with the sale already open to the public.

The launch of Netverse

Back in January 2023, the Indonesia-based company launched the world’s first Metaverse on the Algorand blockchain to support digitization in the Islamic world.

IBF Net Group officials emphasized that they are focusing on the organic growth of IBFNex network membership since then. The network contains a portfolio of platforms on the blockchain in sectors such as philanthropy, non-profit and for-profit, constituting a miniature Islamic economy. IBFNex intended to establish a presence in Netverse as well.

The group also plans to establish a governing council made up of academics, professionals and Sharia scholars from the Islamic finance industry. The founder of IBF Net Group revealed that the invitation to join the council is open to all people and there will be no membership dues or hidden fees for participants who join the board.