What is the GCS Utility Token?
The GCS Token is an asset-backed Utility Token that was developed based on the BEP-20 smart contract operating on the BNB-BSC blockchain network. The GCS tokens will offer unprecedented transaction efficiency, security, reliability, and trust. GCS tokens permit interoperability within the Binance network-based protocols and decentralized applications. This would allow holders to transact and exchange across the network including trading within secondary markets.
GCS tokens do not provide ownership or management rights in GCex. GCS tokens are utility tokens based on the Howey Test. GCS tokens should not be deemed as securities and do not need to register as security. GCS tokens derive value based on the GCS ecosystems.
GCS tokens were audited by the Ether Authority and rated “well-secured” (the highest score).
GCS tokens received a Certificate of Sharia compliance on the 5th March 2022 from the International Halal Assurance Institute. An independent Sharia Advisory Council regularly reviews and undertakes sharia auditing to ensure the GCS token remains Halal.
With the GCS token being Halal, this allows the Islamic community to participate in the trading and ownership of GCS tokens. Muslim participation in crypto trading is reported as less than 2% of total world crypto traders (source: Coqonut Data).
GCS tokens permit interoperability within the Binance network-based protocols and decentralized applications. Allowing holders to transact and exchange across the network including trading within secondary markets.
The price appreciation of the GCS token is supported by its strong 5 ecosystems, which are:
1. GC Exchange
2. Minting of XAUs
3. Market Maker Leverage Trading
4. Bank Tokenization
5. Biometric Wallet
The GCS token was launched alongside the launch of the GC Exchange on 30th March 2022, the World’s First Shariah Compliant Crypto Exchange, as an Initial Exchange Offering (IEO). The IEO of the GCS Token lasted for 17 days ranging from 30th March 2022 to 15th April 2022 which was selling at a price of $11 with a total supply of 110,000 GCS Tokens. For this, the token holders can benefit from its features without the liability that is incurred in the actual ownership of a business. They can benefit from profit-sharing and price appreciation of the GCS ecosystem.
The IEO sale was a huge success as all 110,000 GCS tokens were sold and 1,700 participants participated in the public sale. Now, the price of the GCS Token has risen to $11.65 and is bound to increase further once all 5 ecosystems are fully established and operating.