Coin M, a gold-based cryptocurrency is set to launch in the UAE by the end of 2019, and will be the first-of-its-kind shariah-compliant cryptocurrency in the Middle East.
Golden M Group is behind the launch of Coin M and sources from the company suggest that this unique cryptocurrency will provide an open and inclusive environment for investors from all income levels. Coin M is being dubbed as a low-risk investment scheme for all investors with a strong potential of doubling their investment within a year.
Whilst talking about the launch of Coin M, Mustafaa Motiwala, Founder & CEO, 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.”
Coin M is backed by a tangible, real-world asset and is expected to be less exposed to the price volatility of first-generation cryptocurrencies such as Bitcoin. While talking about the price-stability of Coin M, Motiwala said: “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,”.
The UAE is an established market for the sale of digital coins. In the recent years, cryptocurrency has developed a strong importance in the region with sales in excess of $210 million. How this market would be affected by Coin M is difficult to decipher for now, but more information will be available when this highly anticipated cryptocurrency launches by the end of 2019.