|09 September, 2019

UAE group to launch new gold-based cryptocurrency

The gold-based digital currency working on blockchain technology offers the working class the potential to double their investment within a year

Imitation gold bars are seen displayed at a vendor's booth on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018.

Imitation gold bars are seen displayed at a vendor's booth on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018.

REUTERS/Mike Segar
The Golden M Group is all set to launch a new gold-based, Sharia-compliant cryptocurrency, Coin M, in the UAE market by the end of this year.
 
A first-of-its-kind in the Middle East, the gold-based digital currency working on blockchain technology offers the working class the potential to double their investment within a year, with this safe, guaranteed low-risk investment scheme, said a senior company officials at the launch.
 
With a starting investment of as low as $100, Coin M provides an open and inclusive environment for investors from all income levels, they stated.
 
Backed by a tangible, real-world asset, the new cryptocurrency is less subject to the price volatility of first-generation cryptocurrencies, they added.
 
Speaking at the launch, Mustafaa Motiwala, the founder and CEO of The Golden M Group, said: "The upcoming launch of Coin M will undoubtedly have a global impact as it is a one-of-a-kind scheme empowering the working class to safely invest in a new cryptocurrency that is gold-based and Sharia-compliant."
 
"Unlike most investment opportunities, investors will have a chance to double their investment within a year," stated Motiwala, a resident businessman of UAE for over 30 years who has been involved in the establishment of many successful SME units during this time.
 
The announcement was made during a press conference held on a private yacht in the UAE. The event was managed by Uniquorn Studio.
 
According to data by CoinSchedule, the UAE emerged as the world’s capital for sales of digital tokens, accounting for more than a fourth of all funds raised in offerings this year through early April.
 
Sales in UAE reached more than $210 million ahead of the market’s longtime leader, the US, showcasing the growing importance of cryptocurrency in the region.
 
“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. With cryptocurrencies that are not backed by any asset, you would typically have to find your own buyer in order to make a return on investment,” explained Motiwala.
 
The Coin M logo was recently unveiled at the press conference which was attended by close supporters of Motiwala and his team, including Mukti Abu Bakar – Malaysian Consul for Investments, MIDA, UAE and Sneha Rao – Empress Universe 2018.-TradeArabia News Service

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