A new gold-based, Sharia-compliant cryptocurrency is expected to enter the UAE market before the end of 2019.
The Golden M Group has announced that COIN M will be the first of its kind in the Middle East and will offer the potential to double investment within a year.
Investment can start as low as $100 and has an inclusive environment, so, investors from all income level will find it suitable. And unlike the first-generation cryptocurrencies, it is backed up by a tangible and ‘real-world asset' which makes it less prone to the price volatility.
Unlike most investment opportunities, investors will have a chance to double their investment within a year"
The Golden M Group, founder and CEO, Mustafaa Motiwala, 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."
He added: "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 buyer to make a return on investment."
According to data by CoinSchedule, the UAE emerged as the world's forefront hub for sales of digital tokens, accounting for more than a quarter of all funds raised in offerings this year through early April.
Sales in UAE reached more than $210m ahead of the market's longtime leader, the US, showcasing the growing importance of cryptocurrency in the region.