Home / Crypto Currency / Ubank Receives Investment from Inventure Partners for the Development of Its Blockchain-Based Platform Ubcoin Market

Ubank Receives Investment from Inventure Partners for the Development of Its Blockchain-Based Platform Ubcoin Market


Advertisement
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Ubank announced that it has secured an undisclosed amount of funding from Inventure Partners, a major investment fund specializing in cutting-edge tech projects

The mobile payments app Ubank received funding from Inventure Partners for the further development of Ubcoin Market, a blockchain ecosystem that would allow its users to become crypto investors simply by selling real goods and receiving cryptocurrency in exchange.

Inventure Partners is a VC firm that has already financed such startups as Gett, a global ride hailing service; Chronext, a luxury watch marketplace; Cityscoot, a French electric scooter-sharing app; and many other companies across the globe. “Ubank is a successful project with a great product that fits current market conditions. The Company is led by a talented and experienced team that managed to build a strong relationship with world-class brands like Samsung and Fly and proved that they are capable to rapidly grow customer base from scratch. The idea of exchanging real goods for cryptocurrency is something that is in the air and has all chances for a success. Ubcoin market should become a day-to-day tool to exchange goods for cryptocurrency and back. We wish good luck to the team and glad to support the project at this early, Pre-Sale, stage,” comments Sergey Azatyan, founder and managing partner at Inventure Partners, confirming the deal.

Ubcoin Market, a peer-to-peer ecosystem whose participants would be able to easily sell and buy real goods in exchange for cryptocurrency, will be integrated into Ubank, the leading mobile payments app in the Eastern Europe.

“We are thrilled to be one of the first ICO projects that was able to secure investments from such renowned fund as Inventure Partners. We were glad to find out that Inventure Partners team shares the same vision as we do – the sophisticated blockchain systems should be presented to users in a simple way and solve real problem. We are extremely grateful to Inventure Partners for their confidence — it gives us strength and motivation to move non-stop to achieving our now common goal!”, says Felix Khachatryan, founder and CEO at Ubank and Ubcoin Market.

Ubank was launched in 2013 and received an $8 million investment from Runa Capital fund. As of now, Ubank application 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 app has been pre-installed by Samsung and Fly on their smartphones.

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, 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.

Read more

Check Also

Huge Litecoin Transfer Shows How Absurdly Expensive Regular Remittances Are

In the world of finance, transferring money around the world can be expensive. This is especially true where banks and other service providers are concerned. On the other side of the spectrum, we have the cryptocurrencies and a recent $99 million Litecoin transaction barely cost $0.4 in fees. Remittances Remain Expensive and Slow Transferring money across borders is not the most straightforward process. Banks charge rather high fees, often dependent on the country of the recipient. Additionally, such transfers take anywhere from one to five business days, which is unacceptable in this day and age. Making a positive impact in this regard is not all that easy. Companies such as TransferWise make remittance cheaper. Other players are emerging on the scene as well. In most cases, their services are cheaper and slightly faster. However, compared to more innovative forms of money, such services can still use vast improvements. Based on the information by World Bank, remittances are incredibly expensive. Despite cost-cutting measures, the average fee remains at 7.13%. For a $500 transaction, that translates to paying $35.65 in fees. That does not even include conversion charges if a foreign currency is involved. Finding cheaper solutions will require a look beyond the traditional scope of financial solutions. The Litecoin Transaction Tells the Story In the cryptocurrency world, a massive transaction was completed last week. One user transferred $99 million worth of Litecoin to another wallet owner. In most cases, one would expect such a transaction to be subject to massive fees. That is not the case, as it is one of the cheapest transaction to ever take place in the world of finance. At a fee of just $0.40, sending millions around the world becomes a trivial matter. More importantly, this low fee does not delay the transaction. It took around 2.5 minutes to settle the transaction with no central parties or banks involved in the process. Compared to regular bank transfers, this process was at least 500 times faster despite the low cost of conducting the transfer. Banks often purposely slow transactions and hold onto funds to make extra interest on them. The origin and nature of this Litecoin transaction remain unclear. It is also unknown which parties are involved in this massive transaction. It does show cryptocurrencies are a superior way of transferring large amounts of money around the world at virtually no cost. For anyone conducting remittances on a regular basis, cryptocurrency is the only option worth considering. Image from Shutterstock The post Huge Litecoin Transfer Shows How Absurdly Expensive Regular Remittances Are appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.