What is Jibrel Network?
It’s a cryptocurrency that uses this Ethereum blockchain to provide various instruments as standard ERC-20 tokens. In reality, Jibrel Network is the first of its kind to transfer debt and tradable traditional assets as bonds to the blockchain using Crypto Depository Receipts (CryDRs) that has smart regulation built in it.
On the Ethereum blockchain, Jibrel offers stable coins which represent real world value. Anyone using Jibrel can exchange cryptocurrency for stable tokens like jEUR, jUSD and others Jibrel currencies. These stable tokens can however be exchanged for the underlying value in the future irrespective of the price of the BTC or ETH at that time.
Using the asset based Crypto Depository Receipts (CryDRs) many decentralized organizations can be able to diversify into other traditional assets. They are tokens that are denominated in Jibrel Network Tokens (JNT) for example a USD CryDR holds 1 dollar’s worth of JNT. The CryDRs can be used for trading, to create tradable financial instruments as bonds and for global payments.
The main problem that Jibrel Network aims to eliminate is the high fee cost and slow transfers which is primarily brought about by having traditional financial assets in the blockchain.