Revolutionizing Cryptocurrency Trading with A Shariah-Compliant Hybrid – Interview With Adnan Alisic
- Brainz Magazine
- Sep 18, 2023
- 4 min read
Adnan is a Certified Islamic Banker, bestselling author, and a passionate entrepreneur who has more than seven years of experience in the crypto industry. He started his crypto journey as a successful Paxful trader where he completed thousands of trades. He currently leads a passionate team in building Biokript, the world’s first hybrid, Shariah-compliant cryptocurrency platform.
Adnan Alisic, CEO
Could you provide an overview of Biokript and its core mission or purpose?
Biokript is the world’t first hybrid, Shariah-compliant cryptocurrency platform founded on Islamic Mudarabah, profit-sharing principles where all of our profits are equally split between Biokript and our investors.
The idea for Biokript was conceived in 2017 after I learned about the inefficiencies of centralized crypto-trading platforms. The whole cryptocurrency movement started with desire for decentralization where middle-man is eliminated and users are in full control of their own funds. But vast majority of crypto trading is done on centralized platform and that is not the most secure or efficient way to do business. Fully decentralized exchanges were out there but they were inefficient, unsecured, and expensive to trade because of the slippage. Because they are fully decentralized, anybody could create a token which could be a honey pot, rug pull, or a straight out scam. In 2022, users had lost over $2 billion to fully decentralized platforms. And that is how Biokript started: take the best features of both centralization and decentralization and combine them into one platform.
What inspired you to start this particular business, and what problem or need does it address for your target audience?
Biokript was started with a desire to restore the true spirit of cryptocurrency movement where middle-man and centralization of power is eliminated and users are in full control of their own crypto. History bears witness that centralized cryptocurrency exchanges are inefficient and unsecure. We had seen what happened with centralized crypto exchange Quadriga. People entrusted their funds to a centralized platform and they had lost everything. Same thing with Celsius. Voyager. Babel Finance and many others. And just recently, FTX, one of the largest, centralized cryptocurrency exchanges in the world lost
$10 billion of users’ funds and that was the main reason for the crypto crash. And this will keep happening until someone provides a solution. And that solution is Biokript.
Can you describe the key products or services offered on your website and explain how they benefit your customers?
Biokript is a non-custodial crypto exchange, which means we do not hold any funds. We are giving traders the ability to trade with a safety and security of a decentralized platform where they fully control their funds, but still with the efficiency and ease of a centralized platform. Our first target audience are the people who had lost funds with centralized platforms or those people who despise centralization. And second group of people are Muslims all over the world who want to invest in crypto but they are reluctant because of the Shariah-compliance issues.
What sets your website and business apart from competitors in the same industry or niche? Are there any unique features or advantages you'd like to highlight?
We believe that Biokript’s hybrid model will be the future of cryptocurrency trading and all other exchanges will follow our model.
We are a blockchain-powered cryptocurrency platform which runs on a set of smart contracts where trades are executed. Unlike other centralized exchanges where people have to entrust their funds to a centralized entity, with Biokript you can just connect your decentralized wallet where you have a full control of your crypto and trade with a centralized efficiency.
On top of that, Biokript is the world’s first hybrid, Shariah-compliant cryptocurrency platform and with us all of our investors are our partners where they are getting 50% of all the profits generated by our exchange based on Islamic Mudarabah, profit-sharing principles. All they have to do is hold our native BRKP token and automatically they will get monthly profits distributed to their wallets. Biokript will be attractive to millions of Muslims all over the world who want to participate in halal trading but as of right now they are prevented because they don’t’ have any Shariah-compliant platform.
What are your future plans and goals for your website and business? Are there any upcoming developments, features, or expansions that users can look forward to?
At Biokript, our team is very busy with development and we have many exciting updates coming up in the near future. In a few days, we will be listed on Lbank, our first centralized
exchange; In the next couple of months, we will release our Android and iOS applicatons; In January, our plan is to start L2 integration with Starkware so we have faster transactions and increased scalability with lower gas fees; And every few months, we will keep up with our promise to get listing on a new exchange which will increase our credibility and the value of our project.
