VELOREX
Crypto Overview
Purpose and Utility
Velorex (VEX) is a cryptocurrency project that aims to create a decentralized ecosystem for cryptocurrency payments and cross-border transactions. The project's stated goal is to facilitate easier crypto adoption through a combination of physical crypto ATMs, a mobile wallet application, and a payment system.
Business Model Analysis
The core business model focuses on legitimate payment processing and transaction facilitation, which aligns with Islamic principles as it provides actual utility through asset exchange and payment services. The project does not appear to involve any inherently prohibited activities like interest-based lending or gambling.
Real-World Adoption
Current adoption appears to be limited, with most activity centered around trading on decentralized exchanges. While the promised ATM network and payment system development appear to be in early stages, this limited adoption does not impact its Sharia compliance status.
Development Activity
The project shows some ongoing development activity, though at a modest pace. The team maintains communication through social media channels and continues to work on their roadmap deliverables.
Token Distribution
Initial token distribution information and vesting schedules are publicly available, showing a relatively standard distribution model with allocations for development, marketing, and community initiatives. No concerning concentration patterns have been identified in the token distribution.
Crypto Impact
To assign a comfort level investing in VELOREX from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to VELOREX.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.