Hada DBank is planning on being the first bank in the world to merge blockchain technology with Islamic Law. Blockchain technology will make transactions secure, transparent, and seamless, and Islamic Law will ensure ethical banking practices like the sharing of losses and profits, zero interest loans, and zero fees for monetary transactions. HADA DBank is motivated to be a bank that actually cares and works with clients on a personal level.
After months of work on infrastructure, compliance, and partnerships, Hada DBank is nearing launch and has drafted a 24-month plan to expand worldwide. There is a primary focus on providing bank accounts to the large fraction of the world’s population that is unbanked.
Advancements In Regulatory Compliance & Worldwide Expansion
Hada DBank is working hard on obtaining a banking license, which would allow it to function as a fiat bank. This is critical since if Hada DBank does obtain a banking license it would become a primary gateway for cryptocurrency and blockchain firms to interact with the fiat banking system. Previously, cryptocurrency and blockchain firms have had a difficult time in obtaining and keeping accounts at traditional fiat banks. HADA DBank plans on having a full suite of banking services including debit cards, savings accounts, and an investment desk.
A Strong Base
The headquarters for HADA DBank will be in Zug, Switzerland, which is known as crypto valley, and HADA DBank has already obtained a FinTech license from the Swiss Financial Market Supervisory Authority (FINMA). HADA DBank is in the final stages of selecting a consultant who will help obtain a Euro Banking License. This is a lengthy process though and could take 6 months or more.
Beyond Europe, HADA DBank wants to establish a regional base in Indonesia. There are 200+ million muslims in Indonesia, which is the ideal audience for HADA DBank, since HADA DBank is focusing on banking under the guidelines of Islamic Law. Additionally, HADA DBank will be targeting the Middle East and North Africa (MENA), which is the heart of the Islamic world. It is important to stress however that HADA DBank is for everyone, not just muslims.
It is projected that HADA DBank will establish a regional office in the MENA region by Q3 2019. However, even before this happens HADA DBank is planning on partnering with an international university in the region and creating a lab to teach students.
The native cryptocurrency of Hada DBank is HADACoins, and it will be utilized on the HADA DBank platform after launch. Recently the code for HADACoins was tailored to improve security and functionality, in-line with the current ERC-20 standard. ERC-20 tokens are extremely secure since they use the Ethereum blockchain, which is backed by a tremendous amount of mining power. The improved HADACoins have been distributed to investors.
New Strategic Partnership With Secure Coin Broker (SCB)
In September 2018 Hada DBank officially partnered with Secure Coin Broker (SCB), which is an over the counter (OTC) cryptocurrency trading firm for institutional investors. SCB offers custodial services and escrow to ensure highly secure transactions, which is exactly what HADA DBank needs to function as a cryptocurrency bank. Michael Buchbinder from SCB says:
“Secure Coin Broker is looking forward to working with Hada DBank and its clients offering them quick and easy ways to acquire or liquidate their digital asset holdings”.