LEE BIRKETT, founder of peer-to-peer platform JustUs, is set to launch a new pre-paid cryptocurrency card via online adviser Moneybrain.
Speaking exclusively to Peer2Peer Finance News, Moneybrain BiPS foundation trustee Birkett revealed that the card will be available “within weeks”.
Moneybrain has partnered with a MasterCard provider for the pre-payment cards, which will be available via the Moneybrain BiPS platform. Customers will be able to exchange cryptocurrency such as bitcoin for the cards, which will work like usual pre-payment cards.
The platform also offers a crypto loans service, similar to a pawnbroker loan, where a customer pledges cryptocurrency to the platform and borrows cash against the deposit, Birkett said. The cash is then uploaded to a pre-payment card.
The loans are issued via P2P lender JustUs. The loan has a term of a maximum of one year and has no redemption penalties.
Birkett added that the Moneybrain platform is working with two banking partners and an e-money provider.
Moneybrain also issues BiPS, an asset-backed token – similar to a cryptocurrency – which uses blockchain technology to facilitate global payments. The token is underpinned by a basket of assets such as Airbnb properties, secured assets such as loans on the P2P lender JustUs platform and other liquid global assets.
Backing the BiPS tokens with real-world assets aims to maintain the tokens’ value – which have risen in price from around £0.10 at launch, Birkett said, to a mid-price of £10.14 at the time of writing.
A fundraising campaign for the crypto-tokens took place in November 2018 to cover the platform’s set-up costs. The project promises “crypto with all the advantages of P2P and blockchain but with less volatility and more transparency.”
BiPS are available to purchase via the Moneybrain website. There are now some 25 million BiPS tokens in circulation, Birkett said.