OneGram Cryptocurrency Backed By Gold Can Be Used to Buy Dubai Properties

Announcements, Blockchain, News, Now Accepting | December 19, 2017 By:

Dubai-based company MAG Lifestyle Development is planning to allow customers to purchase properties using OneGram, a Sharia-compliant, gold-backed digital currency.

MAG Lifestyle Development is part of the Moafaq Al Gaddah (MAG) Group – a multinational conglomerate based in the United Arab Emirates. MAG Group is one of the largest corporations in the region, maintaining a highly prominent position of leadership among its peers across the real estate, contracting, engineering, industrial and commercial trading, freight services, and hospitality sectors. MAG Lifestyle Development’s interests range from pioneering affordable housing initiatives and high-end luxury developments to bringing wellness-focused living to the UAE.

“At MAG, we exist to inspire our customers to expect more from us, and we are delivering on this promise by allowing them to benefit from the growing potential of cryptocurrencies with OneGram,” said Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development. “In Dubai’s forward-thinking real estate market, where embracing smart digital solutions is a key priority for driving sustainable growth in line with our leadership’s directives, we are proud to be standing apart from the pack by achieving another regional first.”

OneGram uses blockchain technology to create a new kind of digital currency, where each coin is backed by one gram of gold. OneGram launched its initial coin offering (ICO) with just over 12.4 million OGC tokens on May 27. The first two days of the ICO crossed $1 million, according to the OGC team. The company partnered with Goldguard, a gold trading company licensed by Dubai Airport Free Zone (DAFZ). The gold will be held at a vault inside the Dubai International Airport.

MAG said investors will buy OneGram to the value of the property and receive a five percent discount on the property price as a result. OneGram will then remit to MAG according to the payment plan, which is 35 percent over six to nine months and 65 percent on completion at the end of 2019. In compliance with Islamic Sharia law, it is also zero-interest, profit-loss sharing, and non-speculative, as it is pegged to gold. Buyers will need to register with Goldguard and purchase gold at live spot rates in order to obtain tokens.

“What other cryptocurrencies have failed to achieve, OneGram has accomplished in an incredibly short space of time, and that is to show the market that we are here to stay by creating real-use cases for our token,” said Mohammed Ibraheem Khan, co-founder of OneGram. “This is a mega announcement as it is our first real-world application for OneGram.”