Another gold-backed, claiming Shariah compliance, is expected to enter the UAE market before the end of 2019.
Little is known about Golden M Group, except that its proposed COIN M would be backed by physical gold and is open to investor for as low as US$100.
“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,” Mustafaa Motiwala, Golden M Group CEO and founder, said.
At time of publication, IFN Fintech cannot verify the Shariah compliance and legitimacy of COIN M. Although the company claims that its cryptocurrency would be the first of its kind in the Middle East, there are several gold-backed digital tokens targeted at the Muslim market including OneGram’s OneGramCoin.