JustUs-backed crypto token goes live for pre-sale

A FUNDRAISING campaign for a crypto-token network that uses peer-to-peer lender JustUs’s technology has launched its pre-sale for investors looking to sign up early.

The project promises “crypto with all the advantages of P2P and blockchain but with less volatility and more transparency.”

Lee Birkett, founder of JustUs and online adviser Moneybrain, has unveiled the BiPs token, which will use blockchain technology to facilitate global payments.

The token will be underpinned by purchases of assets such as property and loans on the JustUs platform, which will help maintain its value.

Pre-sale tokens can be purchased using Ethereum (ETH), with one ETH worth 1,500 BiPS.

The network is looking to raise between 100ETH and 35,000ETH during the pre-sale period.

Read more: JustUs introduces auto-buy feature

A public sale will not go live until Moneybrain receives e-money permissions and custodian status from the regulator. This is expected during the first quarter of 2019.

It is then hoped that token trading can begin in the second quarter of 2019 and that the platform will be fully operational by the end of next year, according to its white paper.

“The security offered by blockchain protocols allows us to create a token that can be used to remit, store, or borrow securely and in seconds,” the white paper said.

“More than 85 per cent of the world’s population are deemed unbanked and have no access to any secured method of saving, borrowing or insurance.

“BiPS gives the Token holders access to the worlds best asset classes, compliance frameworks and ultra secure methods of currency exchange currently available in the world.

“BiPS will be linked to a UK Financial Conduct Authority-registered digital wallet, this will provide the BiPS wallet holders with global access.”

Read more: JustUs boosts secondary market liquidity with smaller loan slices