Israeli startup and UAE royal family develop and launch new cryptocurrency

The private office of the royal family, Sheikh Mohamed bin Ahmed bin Hamdan Al Nahyan, and Israeli cryptocurrency management startup Illumishare have signed a partnership agreement to develop and launch their own SRG token. The UAE royal family made this decision to protect their savings, hoping to use cryptocurrency as a salvation from inflation.

Illumishare’s new cryptocurrency is backed by three unrelated assets, including gold, all of which are stored in a safe deposit box at an Abu Dhabi bank. According to cryptocurrency analysts, there is no limit to the growth of SRG, so the token is not a stable coin. The main goal of the developers when launching it is to avoid a fall.

«We have developed a new transparent economy driven by innovation. We have combined modern technology, fiat currency, and gold to launch a unique digital asset ,» said Ben Sharon, co-founder and CEO of Illumishare.

Cryptocurrencies and NFTs are popular in the UAE, especially among sheikhs. In late October, the highest-ranking sheikh of the UAE, Khalifa Bin Mohammed Bin Khalid Al Nahyan, was added to the advisory board of Islamic Coin, a digital asset that complies with Shariah law. The founders of the cryptocurrency said that the «Muslim digital asset» will be able to compete with bitcoin in the future and reach a value of more than a trillion dollars.