With bitcoin dominance on the rise where does that leave altcoins?
The truth is that the ones that can survive the continuing altcoin winter and are in the right sector and have the backing of a successful established business with a driven team, are those most likely to succeed in the future.
Which is why the Moneybrain platform and the BiPS token is such an interesting proposition. It is a project tokenising peer-to-peer (P2P) lending, a sector eminently suitable for the blockchain treatment.
I caught up with Lee Birkett, founder and chief executive of UK-based P2P lender JustUs, just after news had broken that Bakkt bitcoin futures would be launching this month and of course before that, the Facebook Libra bombshell.
From credit crunch to crypto
The main impetus to enter the cryptocurrency world came to Birkett after his first publicly traded company failed as a result of the credit crunch . “I had a public company that collapsed as our lenders such as Lehman Brothers, Morgan Stanley and HBOS basically went bust”. I vowed then thereafter never to be reliant on banks and my love for Peer to Peer grew to establishing my own crowdfunding platform.
We had people all over the world that wanted to participate but the banks wouldn’t move the money,” bemoans Birkett.