Jibrel Network has now launched its first financial asset token, jCash
Will allow users to conduct real world transactions by use of blockchain and smart contracts
What started with cryptocurrencies like Bitcoin, which offered transparent, digital transactions between two people is continuing to evolve and adapt to fit the needs of consumers and investors - and even those still trying to stay within the realm of traditional banking institutions, but who would like some of the advantages of the technologies like blockchain and smart contracts.
That's the niche the Jibrel Network is trying to fill. Basically, by working with banking institutions and the knowledge they have with crypto, they are combining the best of both worlds through the use of their newly launched token, jCash. Announced at the Blockchain Revolution conference in Seoul, not only will jCash allow traditional bank institutions the ability to work within the world of crypto, but the jCash token is backed by real world assets meaning it does not have to deal with the volatility that comes with many of the "traditional" cryptocurrencies on the market.
“Smart contracts can revolutionize how we do business and how we exchange value,” says Jibrel Network co-founder Talal Tabbaa. “However, cryptocurrency as a mode of payments has not yet been able to converge with real-world regulations, demonstrating the need for a stable method of payment on-chain, such as jCash. The crypto-economy has experienced tremendous growth with little regulation; safeguards need to be put in place to protect against volatility in the crypto and traditional economies, while bridging the gap for everyday people.”
The token is what Jibrel is referring to as a CryDR, or CryptoDepository Receipt. Basically, it's an asset backed token that represents real world assets and is able to maintain security and regulation through real world rules and regulations that are encoded directly into the currency. This last part is important because it means traditional investors can feel confident in their buying power and trading through jCash without worrying about breaking any rules. and getting hit with hefty fines or possibly other issues.
“We are thrilled to officially announce the launch of jCash, and that we have already begun offering it to a select group of regulated financial institutions,” added Tabbaa. “Automating the enforcement of our existing financial regulations, with public blockchains, on-chain Know Your Customer (KYC) compliance and smart regulation can improve the system, not circumvent it.”