Idea
The idea for Biokript was conceived in 2017 after Adnan had 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 without their drawbacks.
Challenge
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. Since Biokript is a Shariah-compliant cryptocurrency platform, Biokript will open the doors to millions of Muslims all over the world who want to participate in halal cryptocurrency trading but as of right now they don’t have any option because they don’t have access to Shariah-compliant cryptocurrency trading platform.
Solution
The solution is to take the best features of centralization and decentralization and combine them into one platform. Biokript is a non-custodial crypto exchange, which means we do not hold any funds so failures like FTX can never happen on our platform. 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. 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 BKPT token and automatically they will get monthly profits distributed to their wallets.
