Moneybrain – the sister company of peer-to-peer lender JustUs – is set to open a new digital gateway that will allow investors in the Middle East to access cryptocurrency tokens backed by UK-based properties.
In early March, Moneybrain’s BiPs token will be listed on Dubai’s Emirex cryptocurrency exchange platform. The BiPs token is backed by a basket of assets including property, gold, low-risk secured loans and tangible assets such as cash and Bitcoin. It can be used to remit, store, or borrow digital currencies.
The BiPs token is already available to global investors via the Moneybrain app. By listing the BiPs token on Emirex, Middle Eastern investors will be able to gain immediate exposure to blue-chip property assets in the UK.
“One of the reasons we launched our P2P platform was to facilitate global investors exposure to our UK property backed asset class,” said JustUs in an email to investors.
“To enable this digital investment, storage and global exchange of capital, the tech team at JustUs in November 2019 engineered a ground-breaking asset backed digital currency named BiPS, with assets supporting the currency held in a not-for-profit BiPS Foundation.
“The next stage of the widely adopted crypto currency evolution is listing BiPS on regulated crypto currency exchanges.”
JustUs said that demand for digital assets in the Middle East is dramatically on the rise as the preservation of wealth and capital growth has become scarce.
“The reason we decided to launch in the Middle East is simple,” the platform said. “220 million people and $6trn (£4.32trn) GDP.
“This is an exciting development for the JustUs family. The global recession and eye watering money printing of central banks has accelerated our global digital money plans ten-fold.”