Electronics giant LG has just formed a new partnership Ubank, which is the dev team powering Ubcoin Market. The mobile app payment system will be pre-installed by LG on their own line of smartphones that are available in specific locations.
LG is one of the largest consumer electronics companies in the world. They have over 83K employees in S. Korea, North America, and Europe combined. Their total revenue is about $57.1B in 2017, which is up from $52.04B the previous year. LG has a decent reach among consumers with their line of smartphones, even though they’re far from holding a major market share. Their partnership with Ubank will establish a solid foundation with the bank for a digital economy where crytpo can be used like fiats.
Any smartphone user knows that the apps that come installed by default are usually just bloatware. Whether or not this idea will work is unknown- but it’ll definitely increase exposure to the mobile app. The default apps are sometimes the most commonly used and offers a huge advantage to the companies behind them- such as how Android-powered devices use Google as the default search engine (because Google owns Android).
Ubcoin Market is a blockchain-based platform that allows people to buy and exchange crypto for real goods and services. It’s built for people who want to jump on the bandwagon but don’t really want to invest in it crypto. It aims to bring:
“200 million new retail investors to crypto by eliminating all fiat obstacles.”
It also allows people to sell items for crypto or buy it on an exchange platform.
Here’s a demo of Ubank in action:
Its platform uses absolutely no fiats and doesn’t rely on it either. Users sell their goods and services by listing them on the exchange for a set amount of crypto. The coins can then be earned when another user buys the item. The income can then be used to buy stuff on their market, which is powered by Ethererum’s blockchain and uses P2P smart contracts to settle transactions. Sellers receive their payment only after the payment is fully processed.
Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.
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