Jibrel Network, the first protocol with built-in regulatory compliance that allows anyone to put traditional assets like currencies, bonds and other financial instruments on the blockchain, has today announced that it has signed a Memorandum of Understanding with Dubai-based company, ArabianChain.
The partnership will allow Jibrel to provide technical advisory services and support to ArabianChain, the leading blockchain-enabled platform that serves both public and private enterprises in the Middle East - a region increasingly embracing the emerging technology.
With over thirty years’ experience working in financial securities for leading management consultancies Oliver Wyman, PWC and Deloitte, Jibrel’s team are particularly well placed to support ArabianChain’s engagement in the financial services sector, including many of the region’s leading banks.
“Financial services in the MENA region have very specific compliance requirements that must be accommodated,” commented Yazan Barghuthi, Project Lead at Jibrel Network.
“Development and deployment of blockchain technology that ensures on-chain compliance is a particular competency for our team, and one that we leveraged in the development of our own platform,” continued Barghuthi.
Blockchain technology is high on the agenda in the Middle East, with significant interest in the use of blockchain to streamline government and bureaucratic processes, as well as ensure the ongoing competitiveness of the region’s financial services market.
“The Middle East is transforming into an innovation-focused market, spearheading a pivotal change with its technology-first approach,” said ArabianChain founder and CEO Mohammed Alsehli. "We are extremely delighted to enter into this partnership with Jibrel Network to accelerate the adoption of our smart contract platform in the region. Blockchain has the potential to transform banking as we know it, and with Jibrel Network’s support we aim to help the region propel further in achieving its innovation agenda, especially in the banking and financial services sector. ”
Earlier this month, Jibrel also announced the launch of their token sale, which will enable investors to purchase JNT tokens that will power the Jibrel network. Token holders can use JNT to access the high returns of the emerging crypto economy without the volatility and security risks, through selling a wide range of traditional assets on-chain.