BiPS is more than just a cryptocurrency, it represents a professionalisation and fusion, taking all the advantages of a cryptocurrency while incorporating “bricks and mortar” value constructs. This approach exemplifies what we will see in the coming years as financial services players seek to realise the benefits of cost-effective, borderless crypto transactions.
What is BIPS
BiPS is Moneybrain’s native cryptocurrency and is a form of ERC-20 Ethereum exchange token. Unlike other cryptocurrencies that derive their value from limited supply and demand, BiPS’ value is asset-backed, making for more stable holdings. It is supported by assets in GBP, EUR, USD, liquid property, gold, secured loans, and the top five globally traded cryptocurrencies.
BiPS Capital Flow
The BiPS Foundation is the lifeblood of the BiPS token. It manages the funds exchanged for BiPS tokens and lends a proportion via its sister peer-to-peer lending platform, JustUs. Interest accrued on the JustUs capital is sent back to the BiPS Foundation, where the returns are divvied up by the Foundation to stabilise the token’s asset value for token holders. Token holders have no claim on the issuers nor any rights or access in respect of the issuer.
From BiPS White Paper
BiPS Private Ecosystem
Within the BiPS private ecosystem on the Moneybrain app, transaction costs can be as little as a penny (£0.01). This enables you to check your crypto into the Moneybrain app from other platforms, exchange it for BiPS, then convert it to fiat and off-ramp it into your in-app bank account, set up when you sign up for the Moneybrain app. You can then send it to your nominated bank account. The process of transferring from BiPS into fiat and checking out takes less than 5 minutes, although checks will be done on funds coming into the ecosystem to maintain integrity, and your bank may flag and hold up the transfer.
The BiPS Foundation
The purpose of the BiPS Foundation is to securely hold these assets (never being able to dispose of their value), continuously publish the value of these underlying assets, and, with any surplus over and above the speculative value of the issued tokens, build better infrastructure (speed, cost, and security) for token holders and create a centre of excellence for the education of digital currencies. In layman’s terms, the Foundation is all about improving infrastructure and funding education for the wider community, as BiPS believes in a crypto-enabled future.
In Conclusion
BiPS represents a growing trend of cryptocurrencies being backed by tangible assets as traditional finance and crypto merge into innovative finance. Blockchain technology is revolutionising the way we think about assets, offering greater convenience and greater access than previous traditional financial institutions would allow.
Find out more about Moneybrain’s BiPS token.