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Ubank launches a Token Sale for Ubcoin Market, a peer-to-peer ecosystem that would allow its users to become crypto investors simply by selling real goods and receiving cryptocurrency in exchange.
The team behind the mobile payments app Ubank expands its business and launches a blockchain ecosystem called Ubcoin Market. Its participants would be able to easily sell and buy real goods in exchange for cryptocurrency. The Token Sale is listed and favorably reviewed on foundico.com, icobazaar.com, and other rating platforms.
Ubcoin Market bridges the gap between crypto and real worlds. On one hand, those who are not well-versed in blockchain will be able to become crypto investors in an easy and safe manner, and, on the other hand, experienced members of the decentralized universe will be empowered to spend their crypto wealth without converting it to fiat currencies.
Ubcoin Market offers a solution for two clear-cut and objective opportunities. The first opportunity stems from almost 2 billion digital citizens, many of whom are keenly interested in cryptocurrency but have their path to crypto investment hindered by technological and legal barriers: mining is expensive and changing fiat money to cryptocurrencies is a cumbersome process. The second issue is the one faced by more than 23 million cryptocurrency owners who are not able to easily spend their crypto investments due to restrictions imposed by governmental and financial organizations.
“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 will promote peer-to-peer interaction by cutting out the middleman; provide a completely legal marketplace by developing an AI technology for pre-screening seller postings for potential infringements of reason, morality, safety, and due care; and cultivate an open community by making the API available for adapting the platform for local needs and by engaging third-party providers as well.
Ubcoin Market will be integrated into Ubank — the leading mobile payments app in the Eastern Europe that has been pre-installed by Samsung and Fly on their smartphones.
Ubank was launched in 2013. It received an $8 million investment from Runa Capital fund. As of today, the app has 2.5 million monthly active users, has been downloaded by more than 16 million users around the world and it processes 20+ million transactions a year.
The team behind Ubank and Ubcoin Market consists of 50+ highly skilled tech professionals, world-class top managers, and experienced marketing officers.
Felix Khachatryan, founder and CEO at Ubank and Ubcoin, is an expert on mobile applications, SaaS, and payments. Jan Mazhar — founder and investor of Ubcoin — is a VP of Product Development at FLY Mobile, one of the top 5 smartphone brands in Russia. Andrew Lee, another founder and investor of the project, is a Commercial Director of Union Services, with 20+ years of experience in global markets and mobile industry. Stan Danysh, Ubcoin’s COO and Ubank’s managing partner, is a former deputy chairman and Head of Operations at MDM bank, one of the leading private banks in Russia. Alexandr Putilin, CTO and Chief Blockchain Developer of the project, is a software engineer with 15+ years of experience in commercial development. Marina Lerner, CMO at Ubcoin and Ubank (since 2013), is a former Head of Brand Management at HeadHunter Group, one of the most valuable Russian Internet companies (Forbes, 2018).
The advisory board is an impressive collection of global business professionals, thought leaders of their fields, and long-term partners of the Ubank team. Yama Bassam is an American entrepreneur, an angel investor with over a decade of national and international finance and banking executive experience, and a member of FINRA since 2003. Maxim Filin is a senior executive at Motorola (Russia and CIS products), with years of experience working at the top industry companies dealing with mobile devices, networks, and technologies. Evgeniy Pavlov is Head of Sales and Business Development at Bitfury in Russia, CIS and the Eastern Europe. He has been involved in selling and market-launching new mobile products for more than 13 years. Oleg Bud manages smartphone portfolio for emerging markets at Samsung. He has been working with innovative mobile devices and services for more than 15 years.
After the Token Sale and the launch of the MVP in Russia and in the Eastern Europe, Ubcoin Market plans on unfolding a global expansion, starting from the Middle East and South Korea (2019 2Q), South and South-East Asia (2019 3Q) and Latin America (2019 4Q). For now, the platform is planning to target individual users, but in mid-2019 is going to start working with small and medium-sized businesses.
About Ubcoin Market
Ubcoin Market is a blockchain project developing a smart ecosystem for easily investing and exiting cryptocurrency by buying and selling goods and services. Ubcoin Market was founded by the same team that founded Ubank, the leading mobile payments app in Eastern Europe that has been working since 2009 and, as of today, has 2.5 million active users, more than 16 million downloads around the world, and has been pre-installed by Samsung and Fly. To learn more about the vision and the structure of the project visit its website and read is whitepaper.
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Coinbase – one of the world’s largest cryptocurrency exchange has recently made an of adding the support for ERC20 tokens to its suite of products. The ERC20 – Ethereum Request for Comment 20 – is a technical standard for the Ethereum token and smart contracts.
The ERC20 is an interface that anyone who wants to write a smart contract or issue a token must comply with. Coinbase notes that “ERC20 assets have become a popular way for teams to quickly build interoperable contracts/assets.”
In its official announcement, Coinbase says “We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time.”
As said earlier, the support for ERC20 will be affected across all products of Coinbase. One of the most important products in the Coinbase custody used by institutional investors wherein the custody team is using a set of assets to support deposits and withdrawals. The addition of ERC20 tokens is expected to bring a more diverse set of cryptocurrency trusts.
While considering the addition of ERC20 support to Coinbase’s sister exchange GDAX, the company notes that “the GDAX team will wait for additional regulatory clarity before [deciding] which ERC20 assets to support on GDAX.” Not much clarification has been given in this regard by the Coinbase team, but it seems that they are currently considering to seek more guidance on the legal concerns that might emerge possibly. Moreover, no specific timeline in this regard has been mentioned for the moment.
The Coinbase exchange will continue to follow the procedural norms of adding any cryptocurrency to Coinbase only after it has been added to the GDAX exchange. After considering multiple factors, it may choose to add any ERC20 asset to Coinbase, provided it is already present on GDAX. Moreover, the addition of ERC20 support will allow for the safe recovery of customer’s ERC20 assets that have been accidentally sent to the Coinbase Ethereum address.
The company’s , the Coinbase Asset Management will include any new assets on a market capitalization basis.
However, with the company’s payment processing product Coinbase Commerce, the company doesn’t wish to add any support of ERC20 for the time being.
Now with the addition of the support for ERC20 tokens, customers must be eagerly waiting for the addition of new digital assets, however, such additions might not be possible in the near time soon. Dan Romeo, Coinbase general manager has recently stated that even though the exchange is willing to add many new cryptocurrencies to the platform, it prefers to take cautious decisions for the moment owing to regulatory situations currently in the U.S.
Romeo said that “The reality of the regulatory situation keeps us from going and doing that right away. If the regulatory environment gets clearer, I think you will see Coinbase adding many new assets to our platform.”
Unlike the previous announcements, this announcement from Coinbase has not got any significant fluctuations in the crypto market and most cryptocurrencies were seen trading almost flat throughout the day.
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