There are multiple reasons as to why. Comparatively few businesses accept cryptocurrencies as payment, and effective conversion can be difficult or financially risky as well. Government and bank hostility towards cryptocurrencies further undermines their liquidity. But perhaps the biggest obstacle is that of ignorance. The average consumer may have heard of cryptocurrencies, but does not understand the principles behind them or the cryptocurrency market. Acquiring cryptocurrencies may have become much simpler than before, but to many people, even that process can seem discouragingly inaccessible. Actually using them, especially in a rational and profitable way, can be genuinely difficult even for more online-savvy individuals.
Pentathon Pte Ltd, the company behind the new Ubanx cryptocurrency exchange, hopes to remedy this situation by implementing an innovative vision. While cryptocurrency exchanges are nothing new by this point, Pentathon hopes to make its offering uniquely accessible to newcomers. On top of that, however, it also plans to foster a community around cryptocurrency adaption and set up a network of brick and mortar cryptocurrency retail stores that would literally let people off the street join the cryptoindustry.
How will Ubanx work?
Ubanx is going to include three key elements, the first two of which are standard for this kind of product. The Ubanx wallet, which could be accessed through a mobile app, will allow its users to buy, sell or transfer cryptocurrencies, exchanging them for fiat or other cryptocurrencies. Later on, it should also integrate certain third-party financial services, such as P2P lending and remittances. The Ubanx Pro Exchange will be a more advanced trading platform, to be eventually integrated with additional options such as online tutorials and AI-assisted portfolio optimisation. These premium services will be available to the holders of BANX tokens, who will also enjoy various discounts on transaction fees, products and services throughout the Ubanx ecosystem and will further benefit from a fee reduction schedule on the trading platform.
The third and most innovative element is called Ubanx Spaces: Physical cryptocurrency retail stores, where ordinary people will be able to open cryptocurrency accounts with the guidance of Ubanx experts. It will also be possible to purchase blockchain-related hardware (such as mining equipment or hardware wallets) and deposit or withdraw money from Ubanx wallets (optionally with cash). The location of those stores may vary (some may be in malls, while others could have their own buildings), as could other services present on the site. Many of them are expected to be integrated with existing or new coffee houses or coworking spaces. The stores can also be used for Ubanx community events.
Pentathon will use BANX to take active steps to encourage both the growth of its ecosystem and the mainstreaming of cryptocurrencies. Community members could be rewarded with tokens for acting as Ambassadors, whether it takes the form of blogging, event organising or referring new users. Another option would be to become a teacher in the Ubanx Crypto School, which will be used to provide training and courses on all aspects of blockchain technology and the cryptoindustry to company employees and individual participants alike. Pupils will likewise be incentivised to participate in those courses with BANX awarded to them for reaching certain milestones. BANX holders will be able to take part in workgroups that will discuss the further development of this ecosystem. Last but not least, it will be possible for certain eligible participants to create new Ubanx franchises by bidding BANX in auctions. The highest bidders will receive ZONE tokens that represent their right to set up a franchise in a given region (ranging from a street to a city in size). Those tokens could be traded on a secondary exclusive BANX market. Franchises could be opened by one individual or business or crowdfunded with the help of a Webanx smart contract.
What makes Ubanx stand out?
As can be seen from the above, Ubanx has a very purpose-driven design. It aims to make its services accessible through user-friendly interfaces and offers of both expert (company) and amateur (community) support. By establishing physical stores and allowing the use of cash, it stands to draw a large previously untapped target market to its cryptocurrency services. The Crypto School, with its incentives for both teachers and pupils, serves the goal of educating a large variety of people about cryptocurrencies and subsequently adding them to the Ubanx ecosystem. Finally, allowing new franchises to be set up by third parties all around the world and creating a flexible system by which they may be funded enables potentially limitless expansion.
The team behind Ubanx has extensive experience in the fields of banking, fintech and coworking. It has been involved in the cryptoindustry since 2013 and began working on Ubanx core technology in 2017. In addition to global partners such as Trezor and Priority Pass, it has also secured the support of a number of Argentinean companies: The Coffee Store, Transatlantic Bank and La Maquinita (a coworking network). This not only provides Pentatech with the initial supply chain needed to set up Ubanx Spaces, but also complements its strategy of concentrating on the underserved but tech-savvy market of Latin America first before bringing its proven model elsewhere.
Token sale details
Making cryptocurrencies more accessible to the man on the street is not just an idealistic goal. It is a very real necessity to help sustain the cryptocurrency boom and connect it and its participants to the overall economy. Nor would its benefits be confined to solving the liquidity problem. After all, cryptoindustry startups are critically dependent on public support. If more people had a working understanding of blockchain technologies and participated in the market, more worthwhile projects would have a chance to gain support.
Has Ubanx discovered the way by which this mainstreaming effect could be accomplished? In truth, that is unclear. Its offered model is fairly ambitious and comprehensive, and has buy-in from some important partners. But whether its partnerships and physical stores will be able to attract enough ordinary users for its ecosystem to take off is impossible to tell in advance. It would not hurt reveal more about its basic services, as well as how exactly the community rewards system will work. But if it can succeed in tapping a new market for cryptocurrencies, it would be able to become a crucial player in the industry during its transition to the mainstream.
Information visit Links:
Website: https://ubanx.io/
WhitePaper: https://bit.ly/2J9BJ5n
Telegram: https://t.me/UbanxSpaces
Facebook: https://www.facebook.com/ubanxspaces/
Twitter: https://twitter.com/UbanxSpaces
Medium: https://medium.com/@ubanxspaces/
ANN: https://bitcointalk.org/index.php?topic=3441672.0
Author: https://bitcointalk.org/index.php?action=profile;u=1444856
My wallet: 0x314eeD7e7eDDDD5f3364F057EAA7114483337bA0
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