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Moneybrain to launch asset-backed crypto token

Written by Hannah McGrath
13/11/2018

Comparison site Moneybrain has today announced the launch of a new asset-backed utility token.

The BiPS Token, created in collaboration with JustUs, Moneybrain’s peer-to-peer sister company, is understood to be the first asset-backed token created and minted by an Financial Conduct Authority-regulated authority.

The token, which is set to go on public sale next year, will enable members of the BiPS community to buy tokens, instead of shares, as digital currency which can be used globally as payment or exchange, with all trades being available on the public blockchain ledger.

When it goes live, the network will use the blockchain theory and protocols to generate token with underlying resources and real world stores of value via property and other assets.

Once on public sale, 95 per cent of the public sale token proceeds raised will be used to acquire property or other physical assets.

The tokens will be launched by private presale and application holders, while BiPS token holders will have global access to the BiPS platform and assets upon public sales.

Moneybrain, as the issuer of the tokens, has committed to register and support the Global Digital Finance Code of Conduct, which is an industry body promoting internationally recognised standards in crypto currencies and assets.

Lee Birkett, Moneybrain chief executive, said the company’s aim was to instil trust in the crypto world by creating an underlying value in the BiPS token.

“It would have been easy to say we’re not doing this in the UK and opt for an offshore designated area,” he said. “But we felt it was really important that the work we have done evolves onto the blockchain and is recognised as United Kingdom work.”