OneGram, a Sharia-compliant, gold-backed digital currency, has raised $461,497.59 so far in its OGC token crowdsale, which kicked off at the onset of Ramadan, 2017.

The crowdsale will run for a total of 120 days, in which OneGram seeks to raise $500 million by selling over 12 million OGC tokens. For participating, investors are required to create an account on GoldGuard and purchase gold at live spot rates. This purchase includes 10 percent fees, of which will be allocated to long-term business development (5%), marketing costs (1.5%), operational costs (1.5%), and salaries (2%).

“We are very pleased with early support for the OGC token crowdsale from the cryptocurrency and Islamic finance communities,” said Ibrahim Mohammed, CEO of OneGram, adding that over 1,000 registered for GoldGuard accounts to participate, before the crowdsale began.

According to the official release, once the cryptocurrency is deployed on the blockchain, there will be a 1% transaction fee. 70% of transaction fees are reinvested to buy more gold, increasing the amount of gold that backs each token. 25% is used for development and operations, 2.5% is used for charity donations, and 2.5% is used to reward the POS miners (staking).

“OneGram’s transaction fees will be reinvested to buy more gold, increasing the amount of gold that backs each OGC. As transaction volume increases, more gold will be added to the vault and all OneGram investors will share the profit. As such, OneGram will offer increasing value to investors, and open doors for Muslims to participate in the digital currency economy”, OneGram added.

OneGram is a fully customized, unique proof-of- stake coin with over six months of development. Spawning from Bitcoin, developers further anonymized the blockchain by employing zero-knowledge, dual-key stealth address and ring signature protocol enabling instant, untraceable, unlinkable, trustless transactions. Sharia compliance is a key differentiator for the OGC token, the founders of OGC developed a breakthrough asset class and engineered the solution so it would fit within the parameters of shariah law.