BYT Technologies, creators of BayanToken, have just launched their new token ICO on June 27. The initial price of the token will be $0.80 USD per BYT token and the pre-ICO, which was ended a day before the main sale, was sold by $0.70 a piece.
According to Vince Focarelli, which is a spokesperson from the company, each of the BYT tokens will be backed by a private cloud server and a package of many other technological enterprises. These include several high return projects like artificial intelligence, a robust online platform and a health supplement to reduce bad cholesterol.
The company has really tried to create a token that will help the wider population for being useful and open to anyone willing to buy it. The company states that the ICO has considerably fewer risks than many of the other ones that are able to be found right now, as the company is on a considerably more well developed stage than many of the startups that are planning and having Initial Coin Offerings.
Also, the token holders will be able to enjoy several benefits as discounts when buying products that will be created by BYT Technologies, a buy-back offer a higher price and random gift givings. Tokens, the company states, are made for you to use them, not only hold them expecting future returns. The users will be able to use their tokens to buy goods and services, just like Bitcoin.
BayanToken Will Be Fully Compliant With the Shariah
One issue that many companies face as they try to enter the Islamic market is the Shariah. Many tokens are not compliant with the Shariah and this causes the community to view them with a certain disdain. That will not be the case with the BayanToken. The ICO was approved and certified as Shariah-compliant by Elzar Shariah Solutions and Advisory.
Because of this, the company expects to have success in Asia and in the Middle East. The Chief Operating Officer (COO) of the company, Adam Effendi Mustapha, has stated that he was satisfied with the pre-sale and that he believed that the company has chances of reaching the hard cap of $35 million USD during the main sale.
It’s too early to say what will become of this company, but it certainly has some potential for growth, specially among the Islamic population, as many of the blockchain companies do not aim at the specificity of this market and this one seems prepared to do that.