Jakarta-based Blossom Finance has launched a crypto, Islamic microfinance fund that will be invested in micro-businesses, especially traditional market sellers, to meet the demand during the upcoming Ramadan holiday.
Global investors have the option to invest in the fund using a range of cryptocurrencies such as Bitcoin, Bitcoin Cash, and Ether as well as the US Dollar.
The company said cooperative Islamic microfinance in Indonesia in partnership with PBMT Ventura will share profit with funds invested.
Originally founded in San Francisco as Blossom Labs, Inc., by President & CEO Matthew Joseph Martin, the startup recently moved to Jakarta after he embraced Islam in 2010.
Blossom's investment and technology platform is focused on microfinance in Indonesia using a shariah compliant model. It uses a profit sharing model (musharakah) to provide interest-free financing products to Muslims community worldwide.
Muslims, who make up 27 percent of the world's population, are prohibited from dealing with interest-based lending products.
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