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LG Teams Up With Ubank To Support Expansion Of eBay-Like Crypto Market – No Fiat Currencies Are Involved

LG has just signed a deal with Ubank which is the team behind the Ubcoin Market. The Ubank mobile payment app will be pre-stalled by on LG phones that will become available in more global markets.

South Korean tech giant LG Electronics is one of the most important and largest consumer electronics companies and smartphone manufacturers in the world.

It boasts more than 83,000 employees and its target markets include South Korea, North America, and Europe. The company made $57.1 billion in revenue in 2017, up from $52.04 billion in 2016.

LG devices are among the best Android smartphones out there, and its reach among so many consumers makes this latest partnership a massive step towards the future digital economy which uses cryptos as cash.

Ubcoin Market does not involve fiat currency at all

This is a blockchain-based platform that allows users to purchase cryptos and exchange them for real goods.

The Ubcoin Market is geared for consumers who want to take part in the growing digital economy and who may or may not mine or invest in cryptos.

Its primary target is to “bring 200 million new retail investors to crypto by eliminating all fiat obstacles on the way to crypto.”

It also allows users to get cryptos by selling items instead of using fiat currency to buy them on a particular exchange.

This whole ecosystem is not at all based on fiat currency, and users leverage real goods by selling items on the Ubcoin Exchange for cryptos.

The cryptos can be then used to make purchases on Ubcoin Market which is an Etereum-based blockchain marketplace that makes use of peer-to-peer smart contracts in order to settle transactions. Sellers will get the cryptos only after the terms of the agreement have been checked.

Closing words

The use of LG’s phones with Ubank’s Ubcoin Market will empower consumers to own their very own money and make their very own deals without the need of banks and other intermediaries and third parties having to get involved.

coinmag

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.