The financial sector continues to show an increasing interest in blockchain technology and cryptocurrencies. To that end, the Ubank team is looking to enter the crypto market with a new blockchain-based platform. It is a very surprising undertaking designed to make cryptocurrency investment more appealing to consumers.
UBcoin Market Has Potential
When looking at this new project from Ubank, it is clear they have the best interests of cryptocurrency at heart. Or so it would seem, at least, as the new platform is designed to let users buy and sell real goods in exchange for various cryptocurrencies. While it is not a unique business model by any means, the backing of an active mobile payments company tends to lend a bit more credibility to these kinds of offerings.
Ubcoin Market positions itself as a bridge between cryptocurrency and the real world. Anyone will be able to become a cryptocurrency investor through this new platform regardless of previous cryptocurrency or blockchain knowledge. More advanced users can spend their cryptocurrency wealth on goods and services in which they are interested. It seems to offer something for everyone, although its chances of success remain undetermined.
While it is evident there is a growing demand for cryptocurrency exposure on the part of consumers, competing with traditional exchanges will not be easy for Ubank. It seems the company doesn’t necessarily want to compete with those exchanges either, although it does aim to make it more convenient to buy and use cryptocurrency in general. That in itself is a positive development, as a lot of consumers struggle with the concept of cryptocurrency.
Bringing some much-needed competition to e-commerce platforms by focusing on cryptocurrency is a positive development overall. While a lot of consumers already buy and sell goods on peer-to-peer platforms right now, it is evident there is always room for a platform with a slightly different approach. Ubcoin Market doesn’t want to compete with any company where sellers are looking for fiat currency payments, although they may win over some souls in the process.
By being able to accept cryptocurrency payments, users are in a position to hold onto this new form of money or convert it to other currencies as they see fit. Even if they convert it to regular money in the end, they are still crypto investors for a brief period of time. The big question is whether or not this platform can be successful, especially given the immense volatility affecting all cryptocurrency markets as of right now.
Under the hood, Ubcoin Market will use AI to pre-screen seller postings, which is a rather novel approach. Combining this with the Ethereum blockchain and all of its features will certainly lead to some interesting developments moving forward. It will be interesting to see how many people show an initial interest in this new project, as it has not yet come to market.