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New gold-based cryptocurrency set to launch in the UAE

Golden M Group has announced that Coin M will be the first of its kind in the Middle East

A new gold-based, Sharia-compliant cryptocurrency is expected to enter the UAE market before the end of 2019.
A new gold-based, Sharia-compliant cryptocurrency is expected to enter the UAE market before the end of 2019.

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.

With a starting investment of as low as $100, the company said Coin M provides an open and inclusive environment for investors from all income levels.

Backed by a tangible, real-world asset, the new cryptocurrency is less subject to the price volatility of first-generation cryptocurrencies, it added.

Mustafaa Motiwala, founder and 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.”

According to data by CoinSchedule, the UAE emerged as the world’s capital 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 $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,” Motiwala added.