Ubank Launches ICO for Ubcoin Market to Enable Mass Consumer Investment in Cryptocurrency
| Updated by Alexandra Sayapina · 4 min read
The leading payment app in the Eastern Europe creates an Ethereum-powered marketplace: the new ecosystem gives users a chance to become cryptocurrency investors simply by selling real goods.
Lots of people are avoiding the crypto sphere because it seems to be complicated and detached from the ‘realities’ of the world. Today more and more blockchain projects are doing their best to create a space for the wide usage of cryptocurrencies. One of them is Ubcoin Market which is currently developing a decentralized ecosystem for selling real goods for cryptocurrency.
Ubcoin Market solves several problems the crypto community faces at the moment. For token holders this peer-to-peer ecosystem becomes a platform for spending the cryptocurrency. Ubcoin Market allows them to pay for the goods with no need of fiat money exchange. This ecosystem creates the platform where people who cannot use the cryptocurrencies due to the legislation manners can find a use for their wealth.
The platform also provides users with an opportunity to enter the crypto world in a very safe and simple way. Lots of people are interested in becoming cryptocurrency investors especially when they see the various examples of making fortune of Bitcoin and other cryptocurrencies. However, the process seems to be complicated. Changing fiat money to cryptocurrencies is not always easy and may turn out to be a risky business for a novice in the field. Ubcoin Market offers a simple way to enter the sphere – and to get rid of the goods which are no longer needed at the same time.
“If people want to sell their goods, they know where to go — eBay, Taobao, Etsy (60% of all internet users sell and buy goods on similar peer-to-peer platforms, according to Internet Retailer 2017). We do not compete with those platforms for users who want to receive fiat money. Our goal is to give consumers an easy way to become investors in crypto coins by using a peer-to-peer mechanism that is very familiar to them,” — says Felix Khachatryan, Ubank’s CEO. “You put up your goods — a laptop, a car, an item of clothing, whatever — for sale, sell it, receive tokens, and then hold them as investment or means of payment or change it to any major cryptocurrency like Bitcoin or Ethereum. And that’s it, now you are a crypto investor. Same way, you can buy anything you see on Ubcoin Market using the crypto wealth you’ve accumulated without exchanging it to ‘real’ money.”
The Ethereum-powered platform is created by Ubank that is the leading mobile payments app in the Eastern Europe. This application is well-known to the users of smartphones by Samsung and Fly: these tech giants chose Ubank to be on the list of the preinstalled applications. The company which creates Ubcoin Market has proved to be a notable player on the market: it processes over 20 million transactions a year. The number of active users is also impressive: 2.5 million people use Ubank every month.
Ubcoin Market is developed to become as successful and widely spread as its parenting company. The platform is developed with significant attention to the legal issues. The model of the platform eliminated the need for the third party: that means that Ubcoin Market is profitable for its users.
The future of the project is promising. At the moment Ubcoin Market is at the stage of the limited private presale. The first stage of the ICO is scheduled for the 2nd of April and is to last till the 21st of April. The whole process of the crowdsale will end on the 31st of May. The plans of Ubcoin Market are ambitious: after the token sale and launch in Russia and the Eastern Europe the platform wants to conquer the Middle East and South Korea and add small and medium business to the users of the ecosystem.
Alexandra is a software engineer who specializes in core banking systems development for financial and IT spheres. Taking strong interest in blockchain, cryptocurrencies, and IoT, Alexandra got deep understanding of the emerging techs believing in their potential to drive the future.