JUSTUS founder Lee Birkett is set to launch a new crypto token network that will allow users to transfer funds using blockchain technology to each other around the world.
The network will use the same software behind the JustUs peer-to-peer property lending platform.
A white paper will be released on 1 November to launch a pre-sale of the Moneybrain BiPs token, with a wider public sale scheduled for the first quarter of 2019.
Proceeds from the sale will be used to build the network and also to pay bonuses to token holders, with liquidity provided through purchases of assets such as loans on the JustUs platform.
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“A powerful example of a crypto token use would be, I wish to transfer £20,000 worth of tokens from my digital wallet to a family member in Europe today via existing foreign exchanges,” Birkett said.
“The best charge rate is approximately 0.5 per cent. so it would cost me at least £100 and take at least 24 hours.
“Alternatively I could transfer my token value of £20,000 to the family member and it would cost via the blockchain about £0.06 for server/miner charges, that’s 99.94 per cent less for the same transfer of value arriving in the family members digital wallet in approximately 20 seconds.”
Birkett, who is also a director of comparison website and online financial adviser Moneybrain, said the aim was to help 85 per cent of the world’s population who have minimal access to financial security and freedom.
“With the decentralised blockchain and P2P tokenisation, that could very well be about to change,” he said.
“The team at JustUs and our sister company Moneybrain are passionate about expanding our network with the wider world to help drive this change.”