The blockchain-based platforms launched by the IBF Net Group so far have already made significant strides in revolutionizing various sectors. Its IBFNEX initiative has an ambitious objective to create 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 facilitate seamless donation and volunteering, ensure the preservation and authentication of valuable records (such as endowment deeds) and enable the for-profit exchange of digital assets through NFTs, while providing for leveraged purchases backed by digital collaterals. The NETVERSE represents IBF Net Group’s halal metaverse, offering a virtual world for exploration and connection with endless 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, whereby it aims to further amplify the impact of its platforms and provide enhanced experiences to its users. “The expanded platforms on Polygon will offer users a seamless and efficient experience, enabling them to access a wider range of features and benefits. By leveraging the strengths of both Algorand and Polygon, the IBF Net Group is paving the way for more inclusive and interconnected digital ecosystem,” says Mohammed Alim, CEO IBF Net Group. a more inclusive and interconnected digital ecosystem,” says Mohammed Alim, CEO of IBF Net Group.
To power its platforms on Algorand and Polygon, the IBF Net Group has introduced two dedicated crypto tokens – $IBFX and $IBFN, respectively. These crypto tokens will serve as the engines driving the functionalities of the platforms, facilitating transactions, incentivizing participation, and enhancing the overall user experience. Further, $IBFN – the crypto token associated with its platforms on Polygon – is the first to go for an initial offering, with its sale already open to the public. “The utility token is being launched from a country known for its permissive crypto regulatory framework. By integrating our platforms with Polygon-based crypto, we aim to provide a seamless and enhanced experience for our users while broadening our reach and driving innovation in various sectors,” adds Mohammed Alim.