Gold-Based Cryptocurrency to Go Live in the UAE
Golden M Group, a firm based in the United Arab Emirates has announced plans to launch Coin M, a gold-backed, distributed ledger technology (DLT) powered virtual currency that would enable high income as well as low income level investors to purchase the crypto asset and double their investment within a year, reports Arabian Business on September 9, 2019.
Gold M to Go Live in the UAE
Per sources close to the matter a new gold-backed Sharia-compliant cryptocurrency is scheduled to go live in the Middle East before the end of 2019.
Golden M Group, the firm developing Coin M, has hinted that the digital asset will be the first of its kind in the region and will offer holders massive returns on investment within a year.
The team says the Coin M project offers an open and inclusive ecosystem for all investors, as anyone will be able to purchase Coin M with as low as $100.
No Price Volatility
The team claims Coin M pegged at 1:1 with real gold, as such the cryptocurrency is less prone to price volatility associated with other digital assets.
Commenting on the launch of Coin M, Mustafaa Motiwala, founder and CEO of the Golden M Group, reiterated that the Coin M Sharia-compliant crypto is a one-of-a-kind project that will empower a vast array of people from across the globe.
In his words:
“The upcoming launch of Coin M will have a global impact as it is a one-of-a-kind scheme empowering the working class to safely invest in a new gold-backed, Sharia-compliant cryptocurrency. Unlike most investment opportunities, investors will have a chance to double their investment within a year.”
Though the team failed to state whether Coin M will be regulated or if holders will be able to easily verify whether the digital asset is backed by real gold, it, however, promises investors guaranteed returns on their investment.
“Whenever you invest in Coin M, you are in a position to make your money back as it is based on a real asset which can be bought back,” concludes Motiwala.
Thanks to blockchain technology, virtually all real-world assets can now be tokenized and stored on a distributed ledger.
Earlier in August 2019, BTCManager informed that Paxos has launched PAX Gold (PAXG), a cryptocurrency redeemable for London Good Delivery Gold.