Illumishare, an Israeli blockchain-based digital asset management ecosystem, has partnered with the private office of his Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan, from the Abu Dhabi Royal Family, in an attempt to use the latest blockchain technologies to solve these issues which cripple consumers and businesses.
Illumishare has unveiled a token backed by three uncorrelated assets, including gold, stored in a safe room at a bank in Abu-Dhabi and broadcast live 24/7. Even though uncorrelated assets support its SRG token, it’s not a stable coin because there isn’t a limit on its upside. The idea is more to prevent volatile downward swings.
“Through a combination of human capital, technology, cash, and gold, we have created a new transparent economy driven by innovation that doesn’t discount the historical security of uncorrelated assets,” says Ben Sharon, co-founder, and CEO of Illumishare.
By combining traditional economy methods with blockchain, Illumishare defines a new crypto category known as “Trust Token” with a “Proof-of-Gold” backed platform. This is a gold-backed, reliable practice answering the market’s demand for proof that crypto firms have the reserves they claim they do.
Trade between the UAE and Israel is blossoming. Following the UAE-Israel Comprehensive Economic Partnership Agreement signed this year, bilateral trade is expected to rise to more than $10 billion and add $1.9b. to the UAE’s GDP within five years.
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