Onegram, a Sharia-compliant cryptocurrency backed by gold is seeking $500 million with its crowdsale of 12 million OGC tokens which launched as Ramadan began on Friday.

As a cryptocurrency, OneGram sees each coin backed by one gram at launch at its launch, with OneGram’s developers pointing to the resiliency of gold over fiat money. Every OneGram transaction generates a small fee, which is reinvested to buy more gold to increase the gold reserves backing the token. The developers plan is to add more gold if or when transaction volumes increase with profits to be shared among all OneGram investors.