Assalamu Alaikum wrwb,
I hope the recipient of this message is in good health.
I am an individual who invests in cryptocurrencies while adhering to Shariah principles and employing technical analysis. During my routine analysis, I came across a trade opportunity involving the RSR token. As part of my investment process, I checked for Shariah compliance and discovered a difference of opinion between two screening platforms. One platform considered RSR to be questionable in terms of compliance, while the other deemed it to be compliant.
The reason for the questionable rating was the token’s association with decentralized finance (DeFi). Initially, I did not perceive this association as a significant concern. However, it recently came to my attention that RSR made a $20 million investment in an impermissible DeFi platform called Curve, which is part of their ecosystem. This investment raises concerns as it could potentially increase the appeal and popularity of Curve, subsequently leading to an increase in the value of RSR.
Given this development, I am interested in understanding how this investment is viewed from a Shariah standpoint, considering the potential impact on RSR’s value. I would also appreciate your personal opinion on this matter.
JazaakAllah khair for taking the time to address this inquiry.