As Hada DBank, the first digital global Islamic bank prepares for its main funding event, it has announced its token sale structure ahead of time.
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Token structure details
The token structure shows that a price increase occurs as more tokens are sold. The first 1,000,000 HADACoins are priced at a rate of 3,000 HADA per ETH, with a minimum contribution of .15 per transaction.
Following the success of this presale, Hada DBank looks to reach its soft cap of 5,000 ETH and a hard cap of 30,000 ETH. This will allow the TGE to progress further at a desirable pace, giving HADA Dbank much-needed funds for development, marketing, and other various platform operations.
Fund allocation details
Majority of funds are being earmarked for R&D, with 35% allocated for this purpose. More specifically, the funds will be used to hire a minimum of 50 programmers and other personnel for various aspects of development such as platform, product, or services.
It also includes the construction of 7 labs in 5 years, with the 1st one to be in Switzerland and the second in Estonia.
30% is set aside for operation expenditures, which includes the hiring of management executives, funding the marketing initiative, as well as merchant partnerships and organization affiliations.
20% will be used for capital expenditures, such as acquiring offices, hardware investments, business assets, precious metals, and gems.
The remaining 15% will be set aside as a reserve, that is to not be used unless absolutely necessary. A decision by top management collectively and unanimously must be made in order to spend it. This buffer will double to 30% at a later date in accordance with Islamic Financial Law.
The main TGE commenced May 1st, with 50 million HADACoins available for participants to purchase. This is an excellent opportunity for supporters of this revolutionary project to get behind this platform and turn it into a reality.
In the meantime before the ICO, Hada Dbank is hard at work on developing its MVP (minimum viable product) with plans to announce its availability before the TGE commences. This should further encourage interested users to participate as people are more likely to invest when there is a tangible product as opposed to just an idea.
After the TGE
Once the TGE ends, Hada DBank also has the official e-money functions release and final development and testing for banking services scheduled in the 2nd quarter of 2018.
The third quarter will see the launch of the banking services, as well as IT labs being set up in EU and MENA.
The last leg of 2018 brings with it the unsecured loan services launch, as well as a development of a new open-source blockchain for SME.
2019 will focus on the launch of Hada DBank in South East Asia, the launch of three additional services, and set up of labs in South East Asia as well.
2020, the last year on Hada Dbanks current roadmap, sees further expansion, both in terms of locations served as well as services. The exact market locations not been decided yet, but Hada Dbank will begin to offer investment banking, as well as Islamic Insurance and SME solutions in 2020.
To chat with Hada Dbank on their various channels, visit them on Telegram, Twitter, Facebook, Bitcointalk, and Instagram. Check out their website, read up on their whitepaper, or blog posts on Medium.