What Is Arabic Cash? (ABIC)
Arabic Cash operates as an independent decentralized financial project, based on the principle of loans and deposits. The project aims to attract new fundings in the digital economy. The platform also aims to build its decentralized exchange, including farming, staking, and lottery.
The vision of the project is to become a stable cryptocurrency that allows token holders to make confidential transactions, payments, and safely store it. The project also seeks to become a balancing tool between trading parties and serve as an alternative to friendly relations between the countries worldwide.
According to the official document, the financial services industry has high transaction costs. Further, other issues that plague the industry include:
Slow transactions – Currency transfers from one institution to another take hours domestically and between countries several days.
Financial instruments are difficult to understand due to a lack of transparency and unfair benefits for prominent players. Many people do not have access to the information; thus, the lack of transparency puts small traders at a disadvantage compared to institutional traders.
Inaccessibility and high cost for people with low incomes – Many regions lack financial services, and low-income people receive even higher fees than the average if they are available.
Further, excessive bureaucracy and complex financial monitoring has blocked trading flows worldwide. The project allows people to carry out trade in the developing countries.
ABIC is the ecosystem’s native digital token operating on the Binance Smart Chain and following the BEP20 standard. The token would be used to pay for the commission for each transaction activity that occurs within the ecosystem. The token also enables currency transfers in large volumes, crucial for business.
Further, the official documents mentions that the platform’s technology is interfaced with many global digital networks in the crypto industry, allowing the token to be available on many different wallets and exchanges.
History of Arabic Cash (ABIC)
The project’s core team comprises seven people who are based in Dubai. Overall, a total of more than forty people have worked on the project, based in the US, Canada, Berlin, Russia, Estonia, Lithuania, and Turkey.
The total supply of the token is 170,000,000.
