Crypto Corner: Moneybrain and the Better Business Grant

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THIS week’s Crypto Corner explores how the Moneybrain digital pound is set to help fuel the local economy.

With an explosive $36.5 billion of global stablecoin lending in 2024, Moneybrain is now delivering this technology to Jersey. The launch of the stablecoin loan service provides a solution to unlocking growth opportunities for local businesses that might otherwise be inaccessible.

Better Business Grants

We’ve become aware that many great businesses have been unable to meet the eligibility criteria of the Better Business Grant, a £5.3 million grant scheme run by Jersey Business.

This initiative is part of the government’s productivity push to help businesses transition to a living wage through efficiencies.

The challenge?

One key challenge to accessing the grant is match-funding: a business must match the funding they receive. For example, if a grant for efficiencies is £10,000, the business needs to raise/contribute £5,000.

Many businesses do not have that cash available. That’s where Moneybrain and Jersey folk come in. As a lender, you or your firm, alongside Moneybrain, can crowdfund the £5,000 as a stablecoin loan.

How does it work?

Example:

The borrowers open a Moneybrain Business IBAN.
Mr or Mrs Lender and nine other supportive folk purchase and lend £500 of stablecoins each via the Moneybrain app to enable the borrower to access the £5,000 government grant.
Once the paperless e-sign loan agreement is completed, the borrower receives the stablecoins and can exchange these immediately into their bank account as sterling to buy the equipment needed to grow.
Borrowers repay stablecoin loans monthly through the app giving lenders a 6-9% return.

Commenting on the initiative, Jersey Business chief executive Paul Murphy said: “Blockchain and AI is transforming global finance, driving productivity and profit gains in all areas of business and finance. It’s great that Jersey has access to these innovations and that Moneybrain can help drive efficiency alongside the Jersey crowd.”