Blockchain’s Jibrel Network Aims To Disrupt Traditional Bankingbr>
Yazan Barghuthi is the co-founder and project lead of the Jibrel Network – a crypto-company aiming to leverage distributed ledger technology and “smart regulation” to disrupt traditional banking. Prior to cofounding the network, Yazan was a management consultant with Oliver Wyman and Deloitte, where he specialized in institutional wealth and asset management. He advised clients with combined assets under management in excess of US$1.4 trillion.
The Jibrel Network is a decentralized protocol that places traditional assets – currencies, bonds, equities and commodities – on the ethereum blockchain, thereby leveraging the cost efficiencies associated with storing and transacting digital assets.
On the Jibrel Network, asset-backed tokens are called CryptoDepository Receipts (CryDRs). These ‘Smart Tokens’ can be used for remittances, global payments, trading, and hedging. In addition, CryDRs have regulation embedded, ensuring all token transfers on the Jibrel Network are always fully KYC (know your customer) and AML (anti money laundering) compliant.
Jibrel Network recently announced the successful completion of their token presale, during which US $3,219,299 was raised and 19,985,292.57 Jibrel Network Tokens (JNT), the underlying token powering the network, were sold. The public initial coin offering (ICO) will commence on November 27.
BLOCK TRIBUNE: Can you briefly introduce us to your project?
In a nutshell, at the Jibrel Network, we strive to leverage the latest advancements in distributed ledger technology and cryptography, to simplify the way we do business.
BLOCK TRIBUNE: How did the idea of CryptoDepository Receipts come about?
YAZZAN BARGHUTHI: We’re believers in the “Tokens as a Backend” model, where tokens are just the next step in digital banking. Keeping that in mind, it becomes immediately obvious that we need token representations of real-world assets. CryptoDepository Receipts (CryDRs – pronouncers like Spiders) is just a fancy way of saying that.
BLOCK TRIBUNE: Who is your target market with your token?
YAZZAN BARGHUTHI: Our target clients are Banks and Non-Bank Financial Institutions (NBFIs)
BLOCK TRIBUNE: The US Securities and Exchange Commission claimed that the market for ICOs is very opaque and susceptible to price manipulation. Do you agree?
YAZZAN BARGHUTHI: Fully agree. Up until now, it has been up to the community to self-regulate. All things considered, it has done an incredible job thus far. But as with any loosely regulated market, manipulation, scams and corruption are inevitable.
The SEC and other leading Capital Markets Regulators have provided overarching frameworks on how lawful ICOs should be conducted, and I suspect they will continue to provide additional guidance / frameworks.
BLOCK TRIBUNE: What does the future look like for cryptocurrencies?
YAZZAN BARGHUTHI: Bright! While we are due an inevitable correction, one thing is certain: blockchains and tokens will play a significant role in the future technological landscape.
BLOCK TRIBUNE: What do you hope to accomplish with your ICO? How much are you planning to raise?
YAZZAN BARGHUTHI: The ICO model allows projects to achieve two things simultaneously, project funding and user acquisition. Our funding will be used to mint asset-backed tokens – our first release is jCash, currencies as ERC20 tokens on ethereum. On the user acquisition side, we’re hoping the ICO will also introduce the community to Jibrel and attract talented developers to build Jibrel Decentralized Applications (Jibrel DApps).
We’re hoping to raise US$ 30MN – 120MN Tokens at a price of US$ 0.25 each.