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ETH · 33w

Emirati royals back forthcoming Ethereum DeFi offering

Two Emirati royals are backing an obscure crypto token billing itself as the “first” to have won the endorsement of a royal family.  

Khalfan Saeed Khalfan Al Mazrouei and Sheikh Abdullah Bin Rashed Al Sharqi are both shareholders of the company behind Crypto Price Index, a cryptocurrency whose value supposedly represents the aggregate of the top 200 cryptocurrencies by market capitalization. 

Laboring under the ever-popular DeFi banner (shorthand for “decentralized finance”), “CPI” purports to be “bringing a global level of stability and recognition to the emerging class of DeFi protocols which market commentators expect to disrupt the financial industry.” The token is also coordinating an ICO with “award winning” Malta-based token launch platform ICOMalta. (We tried to sign up but a promised login email never arrived.)

In addition, CPI is partnered with ZBX, an exchange spun up with Turnkey solution “Zillion Bits,” which neither appears on CoinMarketCap nor registers any pageviews on SimilarWeb. ("ZBX is affiliated with the ZB exchange group," said ICOMalta CEO Jan Sammut. "Their flagship exchange is currently ranked 29th on CMC by adjusted volume.")

But it’s unclear whether it is indeed the first time their excellencies have endorsed a crypto product. Al Mazrouei has his name plastered on multiple other crypto businesses online, including Bondchain Management Consulting and Locus Chain. Al Sharqi, for his part, doesn’t seem to have done much to do with blockchain, but was appointed Vice-President for Asia by the International Federation of Bodybuilding and Fitness.

ICOMalta explained the royals' involvement. "[His highness] and [His Excellency] are regular board members," said Sammut, ICOMalta's CEO. "There is only one, regular directorship class in the company, therefore they have equal voting rights/obligations as any other member."

And how did the project win the royals' support? "The introduction was made o...

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