According to a new blog by Sakkex, three Stellar validator nodes were set up, with 5 more validators being set up in the near future. The three validators are Sakkex UK, Sakkex Germany, and Sakkex Singapore.
Sakkex is a security management platform for investment sukuk and a global, decentralized exchange for investment Sukuk certificates. The platform was built to manage the needs of the Sukuk market by combining Distributed Ledger Technology [DLT] and Machine Learning [ML].
Sakkex platform is built on top of the Stellar blockchain and enables sovereign entities, financial institutions, asset management companies, family offices, corporations, and small companies to issue and manage Mini, Micro, and Premium Sukuk. It also drastically reduces the setup and management cost by 70%, making it affordable and available for everyone.
Sukuk is the Arabic name for financial certificates, also commonly referred to as “sharia-compliant” bonds. Sukuk is defined by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) as “securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.”
According to the State of the Global Islamic Economy Report 2016/17, of the $2.004 trillion assets being managed in a sharia-compliant manner in 2014, $342 billion were sukuk, being made up of 2,354 sukuk issues. Further, the total value of global Sukuk issuances increased from $87.9 billion in 2016 to $116.7 billion in 2017, representing an impressive growth of around 32%.
The blog mentioned that there were five more Stellar nodes under implementation which would take place soon. These five nodes include Sakkex Dubai, Sakkex Turkey, Sakkex Senegal, Sakkex South Africa, and Sakkex Kenya.
Stellar is gaining traction as more developers flock to its blockchain for various use-cases. Perhaps the most amazing use-case on Stellar’s blockchain would be, “Blockchain World Wire,” developed in partnership with IBM.
Subscribe to AMBCrypto’s Newsletter
Indian crypto exchange WazirX goes global; opens registration for international users
Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.