At its core, the Moneybrain platform allows people to borrow from other people using digital currencies. The platform accommodates the top 12 digital currencies in the world, with one exception.
“We don’t accept Tether, mainly because the origination of Tether was questionable and has still not been clarified,” explains Lee Birkett, Moneybrain’s founder. “It’s obviously coming under pressure now.”
Tether has faced accusations of price manipulation[1] in the past, with some related lawsuits still ongoing.
Moneybrain is committed to transparency and the security of its investor funds, so the platform will only list crypto currencies that meet these standards. Bitcoin, Ethereum, Ripple and – of course – BiPS, are all compatible with the Moneybrain brand.
In fact, BiPS was purpose-built for the platform, and designed to be as user friendly as possible. Moneybrain users can buy any amount of BiPS at any time and send it anywhere in the world within one second, for a fee of just one pence.
BiPS is a digital stablecoin which is pegged to the British pound. By purchasing BiPS, Moneybrain users can access the world of crypto trading with minimal fuss and maximum security.
95 per cent of the value of BiPS are used by the BiPS Foundation to purchase real world assets. The BiPS Foundation holds these assets in order to create an underlying value for the currency. The foundation is unable to ever dispose of this value, which creates stability in the value of the BiPS token.
Moneybrain’s users also benefit from the longevity of the Moneybrain brand, which was founded in 2000 by a team of fintech experts. Over the past 24 years, the brand has evolved from offering a loan comparison website, to a peer-to-peer lending platform and now a crypto trading hub. During this time, Birkett has worked closely with the Financial Conduct Authority (FCA) to ensure that investor wellbeing is always at the heart of its business model.
“We’re a digital old school firm,” says Birkett. “We’ve been trading in financial products for 30 years.”
“We’ve set ourselves apart in that we’re the only regulated peer-to-peer platform in the world that trades in digital currencies with regards to lending and borrowing.”
“We’re a regulated crypto lending platform in the United Kingdom, and nobody else can say that.”
Moneybrain recently relocated to Jersey to continue its growth, and Birkett has big plans to build on the platform’s success to date and redefine the UK’s crypto market.
“I don’t think there’s ever been a better time to invest in crypto assets,” says Birkett.
“We’re still very much at the beginning of the evolution of this new financial phenomenon.”
“It’s a new global economy that everybody around the world has now bought into. At the moment, there’s a real race to deliver.”
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