Jibrel Network wants to take MENA by storm and eventually tokenize everything in the globe
Saint Gabriel or in Arabic Jibril was known as the connector between the heavens and the earth, today Jibrel network is connecting the world of digital assets on Blockchain with real assets on earth.
Talal Tabbaa, Co-Founder of Jibrel Network met with UNLOCK to discuss their plans. He explains, “When we first thought of creating a startup we wanted to create a remittance solution on the Blockchain for workers in the GCC, then we realized that assets on the Blockchain are volatile in nature and liquidation process is tedious and so defeats the purpose. We realized crypto-currencies are the best way to transfer value but worst way of storing it.”
Today Jibrel network protocol has built a technology infrastructure transforming real life regulation into code to allow anyone to put traditional assets such as currencies, bonds and other financial instruments on the Blockchain and sell them as tokenized compliant securities. As Tabbaa stated, “by automating the financial regulations you can unlock lots of value linking the traditional economy with the crypto-economy. The tokenized version of a real world asset or instrument will be called “CryptoDepositoryReceipt”
Jibrel has also built the jWallet which is considered a critical piece of its infrastructure that is both easy to use and secure because the private key is kept on your local server. As Tabbaa explained, “If we were to store your keys, we would just be going back to the same centralized system.”
To date Jibrel Network has received $2 million in private investments and is having its first ICO at the end of November 2017 to raise $ 20 million in tokenized JNT using Jcash. According to Tabbaa, “We are proud that the funds raised from ICO will go into an already existing product that is being tested by clients on Ropsten Ethereum testnet environment and can quickly switch to live environment.”
The regulatory-compliant platform is designed to be on-chain, meaning that all transactions will be written to the Ethereum blockchain. Tokens issued on the Jibrel Platform will be embedded with real-world rules and regulations, ensuring that assets are always compliant with relevant KYC/ AML laws. According to Tabbaa, our technology allows their tokens to remain fully compliant at all times without the need to build out dedicated compliance.
Although Jibrel is based in Switzerland, it has offices in NewYork and is targeting the MENA region. As Tabbaa explained, “We based ourselves in Switzerland Zug Valley because they have set in the legal regulations for ICOs, however we believe that the MENA region can leapfrog into the future using Blockchain for credit score rating and other solutions. In Dubai in specific we see a government that is open to support technological advancements and startups.”
Jibrel Network has engaged New Alchemy for Security Audits, PwC for financial audits and forged a strategic agreement with Arabian Chain to bring smart regulation to the MENA markets and with TaaS fund to provide smart tokens. Tabbaa adds, “We have several private equity firms currently testing our network, and creating APIs between their platforms and ours.”
Eventually Jibrel Founders believe that the only way we can make the best use of traditional economies is to have everything on digital platform, and that is what they intend to do. Tabbaa concludes, ” the most efficient economies are the digital ones and we intend to use blockchain to bring the traditional real economy into the digital.”